Planet Labs PBC (NYSE:PL) Shares Down 5% – What’s Next?

Planet Labs PBC (NYSE:PL)’s stock price dropped 5% during trading on Tuesday . The company traded as low as $29.32 and last traded at $31.1130. Approximately 22,111,161 shares were traded during trading, an increase of 65% from the average daily volume of 13,396,243 shares. The stock had previously closed at $32.74.

More Planet Labs PBC News

Here are the key news stories impacting Planet Labs PBC this week:

• Positive Sentiment: Planet Labs reported record quarterly revenue of $94.2 million, a backlog above $906 million, and raised its full-year sales outlook, reinforcing the company’s growth story and defense/AI momentum. Article Title
• Positive Sentiment: The company announced it is a founding participant in the AIRS initiative with Astroscale, which expands Planet’s visibility in space science and could support long-term commercial and government relationships. Article Title
• Positive Sentiment: Unusually heavy call-option buying suggests traders are positioning for further upside in PL shares. Article Title
• Neutral Sentiment: Recent commentary from analysts and market blogs has focused on valuation after sharp short-term volatility, indicating investors are still debating whether the recent move is justified. Article Title
• Negative Sentiment: Bearish commentary continues to highlight that profitability remains distant, losses are still wide, and guidance implies slower growth ahead, which can pressure sentiment despite strong revenue. Article Title

Analysts Set New Price Targets

PL has been the topic of a number of research reports. New Street Research initiated coverage on Planet Labs PBC in a research note on Wednesday, May 13th. They set a “sell” rating and a $28.00 price target on the stock. Zacks Research cut Planet Labs PBC from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 19th. Cantor Fitzgerald increased their price objective on Planet Labs PBC from $20.00 to $40.00 and gave the company an “overweight” rating in a research note on Friday, March 20th. Needham & Company LLC increased their price objective on Planet Labs PBC from $40.00 to $53.00 and gave the company a “buy” rating in a research note on Friday. Finally, Deutsche Bank Aktiengesellschaft set a $38.00 price objective on Planet Labs PBC and gave the company a “buy” rating in a research note on Friday, March 27th. Six analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $35.11.

Planet Labs PBC Stock Performance

The firm has a market capitalization of $10.77 billion, a price-to-earnings ratio of -27.29 and a beta of 1.99. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.81 and a quick ratio of 2.78. The firm has a 50 day moving average price of $38.80 and a 200-day moving average price of $27.89.

Planet Labs PBC (NYSE:PL) last announced its quarterly earnings data on Thursday, June 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.01. The business had revenue of $94.15 million for the quarter, compared to analysts’ expectations of $90.39 million. Planet Labs PBC had a negative return on equity of 105.29% and a negative net margin of 111.17%.Planet Labs PBC’s revenue was up 42.1% on a year-over-year basis. As a group, sell-side analysts expect that Planet Labs PBC will post -0.45 earnings per share for the current fiscal year.

Insider Buying and Selling at Planet Labs PBC

In related news, CFO Ashley F. Johnson sold 200,000 shares of the stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $35.10, for a total value of $7,020,000.00. Following the transaction, the chief financial officer owned 1,895,162 shares of the company’s stock, valued at $66,520,186.20. This represents a 9.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Robert H. Schingler sold 73,683 shares of the stock in a transaction 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 completion of the transaction, the insider directly owned 256,488 shares in the company, valued at $8,995,034.16. This trade represents a 22.32% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.42% of the company’s stock.

Hedge Funds Weigh In On Planet Labs PBC

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in shares of Planet Labs PBC by 4.3% during the fourth quarter. Vanguard Group Inc. now owns 19,358,515 shares of the company’s stock worth $381,750,000 after purchasing an additional 806,818 shares during the last quarter. Divisadero Street Capital Management LP purchased a new position in shares of Planet Labs PBC during the third quarter worth about $13,564,000. New York State Common Retirement Fund grew its holdings in shares of Planet Labs PBC by 45.3% during the third quarter. New York State Common Retirement Fund now owns 202,384 shares of the company’s stock worth $2,627,000 after purchasing an additional 63,088 shares during the last quarter. Oppenheimer & Co. Inc. grew its holdings in shares of Planet Labs PBC by 74.1% during the third quarter. Oppenheimer & Co. Inc. now owns 2,002,184 shares of the company’s stock worth $25,988,000 after purchasing an additional 851,937 shares during the last quarter. Finally, AMI Asset Management Corp purchased a new position in shares of Planet Labs PBC during the fourth quarter worth about $673,000. Hedge funds and other institutional investors own 41.71% of the company’s stock.

Planet Labs PBC Company Profile

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.