Planet Labs PBC (NYSE:PL) Shares Down 2.5% – Here’s What Happened

Planet Labs PBC (NYSE:PL) traded down 2.5% on Monday . The stock traded as low as $36.93 and last traded at $37.5220. 8,852,665 shares were traded during trading, a decline of 37% from the average session volume of 13,953,000 shares. The stock had previously closed at $38.48.

Wall Street Analyst Weigh In

PL has been the topic of a number of research analyst reports. Citigroup raised their target price on Planet Labs PBC from $30.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, April 2nd. Deutsche Bank Aktiengesellschaft set a $38.00 price target on Planet Labs PBC and gave the stock a “buy” rating in a report on Friday, March 27th. Cantor Fitzgerald raised their price objective on shares of Planet Labs PBC from $20.00 to $40.00 and gave the stock an “overweight” rating in a research note on Friday, March 20th. Zacks Research raised shares of Planet Labs PBC from a “strong sell” rating to a “hold” rating in a research report on Friday, February 13th. Finally, Wedbush upped their target price on shares of Planet Labs PBC from $30.00 to $40.00 and gave the company an “outperform” rating in a research note on Friday, March 20th. Six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $29.94.

Planet Labs PBC Trading Up 4.4%

The company has a quick ratio of 1.64, a current ratio of 1.65 and a debt-to-equity ratio of 2.37. The firm has a market capitalization of $13.74 billion, a price-to-earnings ratio of -50.88 and a beta of 1.83. The business has a 50-day moving average of $29.02 and a two-hundred day moving average of $21.62.

Planet Labs PBC (NYSE:PL) last posted its quarterly earnings results on Thursday, March 19th. The company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.43). Planet Labs PBC had a negative net margin of 80.22% and a negative return on equity of 69.61%. The firm had revenue of $86.82 million during the quarter, compared to analyst estimates of $78.17 million. The firm’s revenue for the quarter was up 41.1% on a year-over-year basis. Research analysts predict that Planet Labs PBC will post -0.45 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Vijaya Gadde sold 20,000 shares of the stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $26.77, for a total value of $535,400.00. Following the completion of the transaction, the director owned 250,169 shares in the company, valued at approximately $6,697,024.13. This represents a 7.40% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Ashley F. Johnson sold 200,000 shares of the firm’s stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $35.10, for a total transaction of $7,020,000.00. Following the transaction, the chief financial officer directly owned 1,895,162 shares of the company’s stock, valued at $66,520,186.20. The trade was a 9.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 293,683 shares of company stock valued at $10,139,463 over the last ninety days. 17.53% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Van ECK Associates Corp boosted its holdings in Planet Labs PBC by 320.3% during the fourth quarter. Van ECK Associates Corp now owns 7,678,938 shares of the company’s stock valued at $151,429,000 after purchasing an additional 5,851,758 shares in the last quarter. Barclays PLC lifted its position in shares of Planet Labs PBC by 758.1% during the 3rd quarter. Barclays PLC now owns 3,727,743 shares of the company’s stock worth $48,386,000 after buying an additional 3,293,333 shares during the period. Invesco Ltd. lifted 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 worth $44,787,000 after buying an additional 2,506,595 shares during the period. Two Sigma Investments LP boosted its stake in Planet Labs PBC by 257.5% in the 3rd quarter. Two Sigma Investments LP now owns 2,362,275 shares of the company’s stock valued at $30,662,000 after buying an additional 1,701,535 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in 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. Institutional investors and hedge funds 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.