Planet Labs PBC (NYSE:PL) Trading Down 6.1% – Should You Sell?

Planet Labs PBC (NYSE:PL)’s stock price traded down 6.1% on Friday . The company traded as low as $20.98 and last traded at $20.99. Approximately 672,694 shares traded hands during trading, a decline of 95% from the average daily volume of 13,106,976 shares. The stock had previously closed at $22.36.

Wall Street Analyst Weigh In

PL has been the topic of a number of research reports. Wedbush initiated coverage on shares of Planet Labs PBC in a report on Wednesday, July 1st. They issued an “outperform” rating and a $50.00 price target on the stock. Northland Securities set a $50.00 price objective on Planet Labs PBC in a research report on Friday, June 5th. The Goldman Sachs Group boosted their target price on Planet Labs PBC from $22.00 to $25.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 14th. Citigroup increased their price target on Planet Labs PBC from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, April 2nd. Finally, Zacks Research upgraded Planet Labs PBC from a “strong sell” rating to a “hold” rating in a report on Thursday, July 2nd. Six analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $35.36.

Planet Labs PBC Stock Performance

The firm has a market capitalization of $7.29 billion, a PE ratio of -17.95 and a beta of 2.06. The business has a 50-day simple moving average of $32.86 and a 200-day simple moving average of $30.64. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.81 and a quick ratio of 2.78.

Planet Labs PBC (NYSE:PL) last announced its earnings results on Thursday, June 4th. The company reported ($0.03) EPS 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 analysts’ expectations of $90.39 million. The business’s revenue for the quarter was up 42.1% on a year-over-year basis. Equities research analysts expect that Planet Labs PBC will post -0.92 earnings per share for the current fiscal year.

Insider Transactions at Planet Labs PBC

In related news, insider Robert H. Schingler sold 64,593 shares of the company’s stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $25.92, for a total transaction of $1,674,250.56. Following the transaction, the insider directly owned 825,541 shares in the company, valued at approximately $21,398,022.72. This represents a 7.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John W. Raymond sold 6,494 shares of the stock in a transaction dated Monday, July 13th. The stock was sold at an average price of $26.16, for a total transaction of $169,883.04. Following the completion of the sale, the director directly owned 37,114 shares in the company, valued at $970,902.24. This trade represents a 14.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 96,087 shares of company stock valued at $2,492,134. 16.42% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Planet Labs PBC

Hedge funds and other institutional investors have recently modified their holdings of the business. American Capital Advisory LLC purchased a new stake in Planet Labs PBC in the first quarter worth $28,000. Western Wealth Management LLC bought a new position in shares of Planet Labs PBC in the first quarter worth about $28,000. Parkside Financial Bank & Trust increased its stake in 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 period. Baillie Gifford & Co. purchased a new position in Planet Labs PBC in the 4th quarter worth about $32,000. Finally, Pittenger & Anderson Inc. lifted its holdings 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. 41.71% of the stock is currently owned by hedge funds and other 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.