Planet Labs PBC (NYSE:PL) Shares Down 8.8% – Should You Sell?

Shares of Planet Labs PBC (NYSE:PL) traded down 8.8% during mid-day trading on Monday . The company traded as low as $45.53 and last traded at $46.6570. 13,484,246 shares were traded during mid-day trading, an increase of 4% from the average session volume of 12,920,249 shares. The stock had previously closed at $51.14.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Morgan Stanley boosted their price objective on shares of Planet Labs PBC from $26.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, March 25th. New Street Research assumed coverage on shares of Planet Labs PBC in a research report on Wednesday, May 13th. They issued a “sell” rating and a $28.00 price objective on the stock. Deutsche Bank Aktiengesellschaft set a $38.00 price objective on shares of Planet Labs PBC and gave the company a “buy” rating in a research report on Friday, March 27th. Citigroup lifted their target price on shares of 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, Cantor Fitzgerald lifted their target price on shares of Planet Labs PBC from $20.00 to $40.00 and gave the company an “overweight” rating in a research note on Friday, March 20th. Six analysts have rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $30.61.

Planet Labs PBC Price Performance

The company has a debt-to-equity ratio of 2.37, a current ratio of 1.65 and a quick ratio of 1.64. The firm’s 50 day moving average is $37.76 and its 200 day moving average is $26.66. The firm has a market cap of $16.15 billion, a P/E ratio of -59.82 and a beta of 1.99.

Insider Activity

In related news, insider Robert H. Schingler sold 73,683 shares of the business’s stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $35.07, for a total transaction of $2,584,062.81. Following the sale, the insider owned 256,488 shares of the company’s stock, valued at $8,995,034.16. The trade was a 22.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ashley F. Johnson sold 200,000 shares of the business’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 sale, the chief financial officer directly owned 1,895,162 shares in the company, valued at $66,520,186.20. The trade was a 9.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 16.42% of the company’s stock.

Institutional Investors Weigh In On Planet Labs PBC

Several hedge funds have recently bought and sold shares of the business. American Capital Advisory LLC bought a new position in shares of Planet Labs PBC in the first quarter worth approximately $28,000. Western Wealth Management LLC bought a new position in shares of Planet Labs PBC in the first quarter worth approximately $28,000. Parkside Financial Bank & Trust lifted its stake in shares of Planet Labs PBC by 92.5% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company’s stock worth $31,000 after buying an additional 745 shares in the last quarter. MCF Advisors LLC bought a new position in shares of Planet Labs PBC in the third quarter worth approximately $32,000. Finally, Baillie Gifford & Co. bought a new position in shares of Planet Labs PBC in the fourth quarter worth approximately $32,000. Institutional investors own 41.71% of the company’s stock.

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.