Planet Labs PBC (NYSE:PL) Trading Down 7% – Here’s Why

Planet Labs PBC (NYSE:PL)’s stock price traded down 7% during trading on Tuesday . The stock traded as low as $28.54 and last traded at $28.7050. 6,173,802 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 13,690,775 shares. The stock had previously closed at $30.86.

Wall Street Analysts Forecast Growth

PL has been the subject of a number of recent analyst reports. New Street Research began coverage on Planet Labs PBC in a report on Wednesday, May 13th. They issued a “sell” rating and a $28.00 price objective for the company. Wedbush started coverage on Planet Labs PBC in a research report on Wednesday, July 1st. They set an “outperform” rating and a $50.00 price target for the company. Needham & Company LLC increased their price target on Planet Labs PBC from $40.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, June 5th. Craig Hallum raised their price target on Planet Labs PBC from $36.00 to $49.00 and gave the company a “buy” rating in a report on Friday, June 5th. Finally, The Goldman Sachs Group restated a “neutral” rating and set a $22.00 price objective on shares of Planet Labs PBC in a research note on Thursday, June 11th. Six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Planet Labs PBC presently has an average rating of “Hold” and a consensus target price of $35.11.

Planet Labs PBC Stock Down 2.0%

The firm has a market cap of $9.69 billion, a price-to-earnings ratio of -23.86 and a beta of 2.06. The stock’s 50 day moving average is $36.47 and its 200 day moving average is $30.39. The company has a quick ratio of 2.78, a current ratio of 2.81 and a debt-to-equity ratio of 1.01.

Planet Labs PBC (NYSE:PL) last released its earnings results on Thursday, June 4th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. Planet Labs PBC had a negative return on equity of 105.29% and a negative net margin of 111.17%.The firm had revenue of $94.15 million during the quarter, compared to the consensus estimate of $90.39 million. The firm’s revenue for the quarter was up 42.1% compared to the same quarter last year. Analysts forecast that Planet Labs PBC will post -0.92 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PL. American Capital Advisory LLC bought a new stake in Planet Labs PBC in the first quarter worth about $28,000. Western Wealth Management LLC acquired a new position 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 purchasing an additional 745 shares during the last quarter. Baillie Gifford & Co. bought a new stake in shares of Planet Labs PBC in the 4th quarter worth approximately $32,000. Finally, Pittenger & Anderson Inc. lifted its stake in Planet Labs PBC by 40.9% during the first quarter. Pittenger & Anderson Inc. now owns 1,360 shares of the company’s stock valued at $38,000 after purchasing an additional 395 shares during the last quarter. 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.