Planet Labs PBC (NYSE:PL) Stock Price Down 3.2% – Here’s Why

Shares of Planet Labs PBC (NYSE:PL) dropped 3.2% on Wednesday . The company traded as low as $26.84 and last traded at $27.73. Approximately 9,121,100 shares changed hands during trading, a decline of 33% from the average daily volume of 13,663,728 shares. The stock had previously closed at $28.66.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley increased their price target on shares of Planet Labs PBC from $26.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, March 25th. Northland Securities set a $50.00 price objective on shares of Planet Labs PBC in a research note on Friday, June 5th. Wedbush started coverage on shares of Planet Labs PBC in a report on Wednesday, July 1st. They set an “outperform” rating and a $50.00 target price on the stock. Weiss Ratings upgraded shares of Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, June 15th. Finally, Needham & Company LLC raised their price target on shares of Planet Labs PBC from $40.00 to $53.00 and gave the company a “buy” rating in a report on Friday, June 5th. Six investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $35.11.

Planet Labs PBC Trading Down 3.2%

The firm has a fifty day simple moving average of $36.62 and a two-hundred day simple moving average of $30.32. The stock has a market cap of $9.88 billion, a PE ratio of -24.32 and a beta of 2.06. 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 issued its quarterly earnings data on Thursday, June 4th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.01. The company had revenue of $94.15 million during the quarter, compared to analyst estimates of $90.39 million. Planet Labs PBC had a negative return on equity of 105.29% and a negative net margin of 111.17%.The business’s revenue was up 42.1% compared to the same quarter last year. As a group, equities analysts expect that Planet Labs PBC will post -0.92 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Planet Labs PBC

Institutional investors have recently made changes to their positions in the stock. Pittenger & Anderson Inc. raised its position in shares of 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. Wellington Shields & Co. LLC grew its position in Planet Labs PBC by 2.8% in the fourth quarter. Wellington Shields & Co. LLC now owns 15,776 shares of the company’s stock worth $311,000 after acquiring an additional 435 shares in the last quarter. Xponance LLC increased its stake in Planet Labs PBC by 3.1% in the fourth quarter. Xponance LLC now owns 18,656 shares of the company’s stock valued at $368,000 after acquiring an additional 555 shares during the last quarter. Wealthfront Advisers LLC increased its stake in Planet Labs PBC by 5.4% in the fourth quarter. Wealthfront Advisers LLC now owns 12,715 shares of the company’s stock valued at $251,000 after acquiring an additional 657 shares during the last quarter. Finally, KBC Group NV raised its position in Planet Labs PBC by 7.1% during the first quarter. KBC Group NV now owns 9,985 shares of the company’s stock valued at $279,000 after purchasing an additional 661 shares in the last quarter. 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.