Planet Labs PBC (NYSE:PL) Stock Price Down 5.6% – Here’s What Happened

Planet Labs PBC (NYSE:PL) shares traded down 5.6% on Friday . The company traded as low as $19.28 and last traded at $19.1870. 1,588,176 shares traded hands during trading, a decline of 82% from the average session volume of 8,820,910 shares. The stock had previously closed at $20.32.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Citizens Jmp lowered shares of Planet Labs PBC from an “outperform” rating to a “market perform” rating in a research note on Tuesday, October 21st. Needham & Company LLC upped their target price on Planet Labs PBC from $16.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, December 11th. Northland Securities set a $17.00 price target on Planet Labs PBC in a research report on Thursday, December 11th. The Goldman Sachs Group reissued a “neutral” rating on shares of Planet Labs PBC in a research report on Tuesday, December 16th. Finally, Citigroup initiated coverage on Planet Labs PBC in a research report on Thursday, December 11th. They set a “buy” rating and a $19.00 target price for the company. Eight investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $14.74.

Planet Labs PBC Trading Down 4.9%

The company has a debt-to-equity ratio of 1.28, a current ratio of 4.00 and a quick ratio of 4.00. The firm has a fifty day simple moving average of $13.96 and a two-hundred day simple moving average of $10.31. The firm has a market capitalization of $6.06 billion, a P/E ratio of -45.99 and a beta of 2.00.

Planet Labs PBC (NYSE:PL) last issued its earnings results on Wednesday, December 10th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.17). The firm had revenue of $81.25 million during the quarter, compared to the consensus estimate of $72.02 million. Planet Labs PBC had a negative net margin of 45.87% and a negative return on equity of 31.01%. The business’s revenue was up 32.6% compared to the same quarter last year. On average, equities research analysts anticipate that Planet Labs PBC will post -0.37 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Planet Labs PBC news, insider Robert H. Schingler sold 81,656 shares of the stock in a transaction dated Monday, October 13th. The shares were sold at an average price of $15.50, for a total transaction of $1,265,668.00. Following the completion of the transaction, the insider owned 1,288,843 shares in the company, valued at $19,977,066.50. This trade represents a 5.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 17.53% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Planet Labs PBC

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Planet Labs PBC by 9.7% in the third quarter. Vanguard Group Inc. now owns 18,551,697 shares of the company’s stock valued at $240,801,000 after acquiring an additional 1,637,880 shares during the period. Canada Pension Plan Investment Board lifted its stake in Planet Labs PBC by 0.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 7,820,400 shares of the company’s stock worth $47,704,000 after purchasing an additional 20,400 shares in the last quarter. Barclays PLC boosted its holdings in Planet Labs PBC by 758.1% in the 3rd quarter. Barclays PLC now owns 3,727,743 shares of the company’s stock valued at $48,386,000 after purchasing an additional 3,293,333 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Planet Labs PBC by 51.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,705,913 shares of the company’s stock valued at $48,103,000 after purchasing an additional 1,252,782 shares during the period. Finally, Invesco Ltd. grew its position in shares of Planet Labs PBC by 265.6% during the 3rd quarter. Invesco Ltd. now owns 3,450,479 shares of the company’s stock valued at $44,787,000 after purchasing an additional 2,506,595 shares in the last quarter. 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.