Planet Labs PBC (NYSE:PL) Trading Down 1.6% – Here’s What Happened

Shares of Planet Labs PBC (NYSE:PL) traded down 1.6% on Monday . The company traded as low as $30.61 and last traded at $30.8680. 10,216,328 shares were traded during trading, a decline of 26% from the average session volume of 13,757,982 shares. The stock had previously closed at $31.38.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. New Street Research started coverage on Planet Labs PBC in a research note on Wednesday, May 13th. They issued a “sell” rating and a $28.00 target price for the company. Cantor Fitzgerald raised their price target on shares of Planet Labs PBC from $20.00 to $40.00 and gave the company an “overweight” rating in a research report on Friday, March 20th. Craig Hallum lifted their target price on Planet Labs PBC from $36.00 to $49.00 and gave the company a “buy” rating in a report on Friday, June 5th. Zacks Research cut shares of Planet Labs PBC from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 19th. Finally, Needham & Company LLC lifted their target price on Planet Labs PBC from $40.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, June 5th. Six research analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $35.11.

Planet Labs PBC Price Performance

The company has a market capitalization of $11.00 billion, a PE ratio of -27.08 and a beta of 2.06. The stock has a fifty day simple moving average of $36.90 and a 200-day simple moving average of $30.14. The company has a current ratio of 2.81, a quick ratio of 2.78 and a debt-to-equity ratio of 1.01.

Planet Labs PBC (NYSE:PL) last announced its earnings results on Thursday, June 4th. The company reported ($0.03) EPS for the quarter, beating 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 for 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 analysts anticipate that Planet Labs PBC will post -0.65 earnings per share for the current year.

Institutional Trading of Planet Labs PBC

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Planet Labs PBC by 4.3% in the fourth quarter. Vanguard Group Inc. now owns 19,358,515 shares of the company’s stock valued at $381,750,000 after purchasing an additional 806,818 shares in the last quarter. Divisadero Street Capital Management LP bought a new position in shares of Planet Labs PBC in the third quarter valued at approximately $13,564,000. AMI Asset Management Corp bought a new position in shares of Planet Labs PBC during the fourth quarter valued at approximately $673,000. Jefferies Financial Group Inc. bought a new stake in shares of Planet Labs PBC in the third quarter worth approximately $875,000. Finally, Hsbc Holdings PLC bought a new position in shares of Planet Labs PBC during the 4th quarter valued at approximately $8,457,000. 41.71% of the stock is currently owned by institutional investors and hedge funds.

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.