Planet Labs PBC (NYSE:PL) Shares Down 1.3% – Time to Sell?

Planet Labs PBC (NYSE:PL) was down 1.3% on Wednesday . The company traded as low as $30.20 and last traded at $30.7550. Approximately 11,076,156 shares traded hands during mid-day trading, a decline of 17% from the average daily volume of 13,376,562 shares. The stock had previously closed at $31.17.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on PL shares. Weiss Ratings downgraded Planet Labs PBC from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, June 1st. The Goldman Sachs Group increased their price objective on Planet Labs PBC from $18.00 to $20.00 and gave the company a “neutral” rating in a report on Monday, April 20th. Deutsche Bank Aktiengesellschaft set a $38.00 price objective on Planet Labs PBC and gave the company a “buy” rating in a report on Friday, March 27th. Citigroup increased their price target on Planet Labs PBC from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, April 2nd. Finally, Wedbush reiterated an “outperform” rating and set a $50.00 price target on shares of Planet Labs PBC in a report on Friday, June 5th. Six equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $35.11.

Planet Labs PBC Stock Performance

The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.78 and a current ratio of 2.81. The stock has a fifty day simple moving average of $38.80 and a two-hundred day simple moving average of $28.03. The stock has a market capitalization of $10.65 billion, a price-to-earnings ratio of -26.98 and a beta of 1.99.

Planet Labs PBC (NYSE:PL) last issued its quarterly earnings results on Thursday, June 4th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. The firm had revenue of $94.15 million during the quarter, compared to the consensus estimate 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 firm’s revenue was up 42.1% on a year-over-year basis. Analysts forecast that Planet Labs PBC will post -0.45 earnings per share for the current fiscal year.

Insider Transactions at Planet Labs PBC

In other news, CFO Ashley F. Johnson sold 200,000 shares of the stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $35.10, for a total transaction of $7,020,000.00. Following the transaction, the chief financial officer owned 1,895,162 shares of the company’s stock, valued at $66,520,186.20. This represents a 9.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Robert H. Schingler sold 73,683 shares of the stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $35.07, for a total transaction of $2,584,062.81. Following the transaction, the insider directly owned 256,488 shares in the company, valued at $8,995,034.16. This trade represents a 22.32% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.42% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Planet Labs PBC

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Planet Labs PBC by 4.3% during the 4th quarter. Vanguard Group Inc. now owns 19,358,515 shares of the company’s stock worth $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 during the 3rd quarter worth about $13,564,000. AMI Asset Management Corp bought a new position in shares of Planet Labs PBC during the 4th quarter worth about $673,000. Jefferies Financial Group Inc. bought a new position in shares of Planet Labs PBC during the 3rd quarter worth about $875,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its position in Planet Labs PBC by 122.9% in the 3rd quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 981,828 shares of the company’s stock valued at $12,744,000 after acquiring an additional 541,328 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.