Planet Labs PBC (NYSE:PL) Shares Down 8.3% – Time to Sell?

Shares of Planet Labs PBC (NYSE:PL) were down 8.3% on Wednesday . The stock traded as low as $25.54 and last traded at $26.1730. 12,315,521 shares traded hands during trading, a decline of 9% from the average session volume of 13,567,072 shares. The stock had previously closed at $28.53.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. New Street Research assumed coverage on Planet Labs PBC in a research report on Wednesday, May 13th. They set a “sell” rating and a $28.00 price target on the stock. Morgan Stanley boosted their price objective on Planet Labs PBC from $26.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, March 25th. Zacks Research lowered Planet Labs PBC from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 19th. Craig Hallum raised their target price on shares of Planet Labs PBC from $36.00 to $49.00 and gave the stock a “buy” rating in a report on Friday, June 5th. Finally, Northland Securities set a $50.00 target price on shares of Planet Labs PBC in a research note on Friday, June 5th. Six investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $35.11.

Planet Labs PBC Trading Up 6.1%

The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.78 and a current ratio of 2.81. The firm has a market capitalization of $10.02 billion, a PE ratio of -24.66 and a beta of 1.99. The stock’s 50-day simple moving average is $37.75 and its 200-day simple moving average is $29.49.

Planet Labs PBC (NYSE:PL) last posted its earnings results on Thursday, June 4th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.01. The firm had revenue of $94.15 million during the quarter, compared to analysts’ expectations of $90.39 million. Planet Labs PBC had a negative net margin of 111.17% and a negative return on equity of 105.29%. The firm’s quarterly revenue was up 42.1% on a year-over-year basis. As a group, sell-side analysts expect that Planet Labs PBC will post -0.92 EPS for the current fiscal year.

Insider Activity

In other Planet Labs PBC news, CFO Ashley F. Johnson sold 200,000 shares of the firm’s stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $35.10, for a total value of $7,020,000.00. Following the completion of the sale, the chief financial officer directly owned 1,895,162 shares in the company, valued at $66,520,186.20. This trade represents a 9.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Robert H. Schingler sold 73,683 shares of Planet Labs PBC stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $35.07, for a total value of $2,584,062.81. Following the sale, the insider owned 256,488 shares in the company, valued at $8,995,034.16. This represents a 22.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.42% of the company’s stock.

Institutional Investors Weigh In On Planet Labs PBC

Several hedge funds have recently bought and sold shares of the business. American Capital Advisory LLC purchased a new position in shares of Planet Labs PBC during the first quarter valued at approximately $28,000. Western Wealth Management LLC purchased a new stake in shares of Planet Labs PBC in the 1st quarter worth approximately $28,000. Parkside Financial Bank & Trust grew its stake in shares of Planet Labs PBC by 92.5% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company’s stock worth $31,000 after buying an additional 745 shares during the last quarter. Baillie Gifford & Co. bought a new position in Planet Labs PBC during the 4th quarter valued at approximately $32,000. Finally, Pittenger & Anderson Inc. increased its position in Planet Labs PBC by 40.9% during the 1st quarter. Pittenger & Anderson Inc. now owns 1,360 shares of the company’s stock valued at $38,000 after buying an additional 395 shares in the last quarter. Institutional investors own 41.71% of the company’s stock.

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.