Planet Labs PBC (NYSE:PL) Stock Price Down 2.6% – Here’s Why

Planet Labs PBC (NYSE:PL)’s share price was down 2.6% on Monday . The company traded as low as $34.21 and last traded at $34.96. Approximately 12,502,707 shares were traded during mid-day trading, a decline of 11% from the average daily volume of 14,100,681 shares. The stock had previously closed at $35.88.

Analysts Set New Price Targets

Several research firms have issued reports on PL. Needham & Company LLC upped their price objective on Planet Labs PBC to $40.00 and gave the company a “buy” rating in a research note on Friday, March 20th. Wedbush boosted their price target on Planet Labs PBC from $30.00 to $40.00 and gave the company an “outperform” rating in a research note on Friday, March 20th. Citigroup lifted their price target on shares of Planet Labs PBC from $30.00 to $35.00 and gave the company a “buy” rating in a report on Thursday. Craig Hallum restated a “buy” rating and issued a $30.00 price target on shares of Planet Labs PBC in a research report on Tuesday, January 13th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of Planet Labs PBC from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. Six investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $27.70.

Planet Labs PBC Price Performance

The business’s fifty day moving average is $26.21 and its 200-day moving average is $19.64. The firm has a market cap of $12.10 billion, a PE ratio of -44.82 and a beta of 1.83. The company has a debt-to-equity ratio of 2.37, a current ratio of 1.65 and a quick ratio of 1.64.

Planet Labs PBC (NYSE:PL) last released its quarterly earnings data on Thursday, March 19th. The company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.43). The business had revenue of $86.82 million during the quarter, compared to the consensus estimate of $78.17 million. Planet Labs PBC had a negative return on equity of 69.61% and a negative net margin of 80.22%.The firm’s revenue was up 41.1% on a year-over-year basis. On average, research analysts predict that Planet Labs PBC will post -0.37 earnings per share for the current fiscal year.

Insider Buying and Selling at Planet Labs PBC

In other news, CFO Ashley F. Johnson sold 150,731 shares of Planet Labs PBC stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $27.01, for a total transaction of $4,071,244.31. Following the sale, the chief financial officer owned 1,956,101 shares of the company’s stock, valued at approximately $52,834,288.01. The trade was a 7.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Vijaya Gadde sold 20,000 shares of the company’s stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $26.77, for a total value of $535,400.00. Following the completion of the sale, the director directly owned 250,169 shares in the company, valued at approximately $6,697,024.13. The trade was a 7.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 218,566 shares of company stock worth $5,896,276. 17.53% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Planet Labs PBC

Several large investors have recently bought and sold shares of the business. Parkside Financial Bank & Trust boosted its stake in shares of Planet Labs PBC by 92.5% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company’s stock worth $31,000 after acquiring an additional 745 shares during the last quarter. Baillie Gifford & Co. bought a new position in Planet Labs PBC during the fourth quarter valued at approximately $32,000. GAMMA Investing LLC increased its position in Planet Labs PBC by 146.4% in the fourth quarter. GAMMA Investing LLC now owns 2,011 shares of the company’s stock worth $40,000 after purchasing an additional 1,195 shares during the last quarter. North Star Investment Management Corp. lifted its holdings in shares of Planet Labs PBC by 1,111.1% in the 4th quarter. North Star Investment Management Corp. now owns 2,180 shares of the company’s stock valued at $43,000 after acquiring an additional 2,000 shares during the last quarter. Finally, MCF Advisors LLC purchased a new position in shares of Planet Labs PBC in the 3rd quarter worth approximately $32,000. 41.71% of the stock is currently owned by institutional investors.

About Planet Labs PBC

Planet Labs PBC is a public benefit corporation that operates one of the largest fleets of Earth-imaging satellites, providing high-frequency, high-resolution imagery and data analytics to a broad range of industries. The company’s multi-spectral satellite constellation captures daily snapshots of the planet, enabling clients to monitor changes in agriculture, forestry, urban development, energy infrastructure and environmental conditions. Planet’s imagery platform is designed to support timely decision-making by transforming raw satellite data into actionable insights for business and government users.

Founded in 2010 by former NASA scientists Will Marshall, Robbie Schingler and Chris Boshuizen, Planet Labs grew from a small startup into a key provider in the satellite imaging sector.