Planet Labs PBC (NYSE:PL) Stock Price Down 4.7% – Here’s Why

Shares of Planet Labs PBC (NYSE:PL) fell 4.7% during mid-day trading on Thursday . The stock traded as low as $19.65 and last traded at $19.0440. 2,206,580 shares were traded during trading, a decline of 81% from the average session volume of 11,870,719 shares. The stock had previously closed at $19.99.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on PL shares. Berenberg Bank began coverage on Planet Labs PBC in a research note on Wednesday. They issued a “buy” rating and a $25.00 price objective on the stock. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $36.00 target price on shares of Planet Labs PBC in a research note on Monday, June 15th. New Street Research started coverage on Planet Labs PBC in a research report on Wednesday, May 13th. They set a “sell” rating and a $28.00 price target on the stock. Needham & Company LLC increased their price target on Planet Labs PBC from $40.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, June 5th. Finally, Zacks Research upgraded Planet Labs PBC from a “strong sell” rating to a “hold” rating in a research note on Thursday, July 2nd. Seven research 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’s stock. According to MarketBeat, Planet Labs PBC has a consensus rating of “Hold” and a consensus price target of $34.56.

Planet Labs PBC Stock Performance

The company has a quick ratio of 2.78, a current ratio of 2.81 and a debt-to-equity ratio of 1.01. The company has a market capitalization of $6.50 billion, a PE ratio of -15.99 and a beta of 2.10. The company has a 50-day moving average price of $24.00 and a two-hundred day moving average price of $30.15.

Planet Labs PBC (NYSE:PL) last issued its earnings results on Thursday, June 4th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.01. The business 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 company’s quarterly revenue was up 42.1% on a year-over-year basis. Analysts predict that Planet Labs PBC will post -0.92 EPS for the current fiscal year.

Insider Transactions at Planet Labs PBC

In other news, CFO Ashley F. Johnson sold 75,035 shares of the firm’s stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $22.08, for a total value of $1,656,772.80. Following the completion of the transaction, the chief financial officer directly owned 1,132,122 shares in the company, valued at approximately $24,997,253.76. This trade represents a 6.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John W. Raymond sold 6,494 shares of the business’s stock in a transaction that occurred on Monday, July 13th. The shares were sold at an average price of $26.16, for a total transaction of $169,883.04. Following the transaction, the director directly owned 37,114 shares of the company’s stock, valued at approximately $970,902.24. This represents a 14.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 171,122 shares of company stock valued at $4,148,906. 16.42% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Planet Labs PBC

Institutional investors and hedge funds have recently made changes to their positions in the business. American Capital Advisory LLC purchased a new position in Planet Labs PBC during the first quarter worth about $28,000. Western Wealth Management LLC bought a new stake in shares of Planet Labs PBC during the 1st quarter valued at about $28,000. Parkside Financial Bank & Trust grew its holdings in shares of Planet Labs PBC by 92.5% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company’s stock worth $31,000 after purchasing an additional 745 shares in the last quarter. Pittenger & Anderson Inc. grew its holdings in shares of Planet Labs PBC by 40.9% during the first quarter. Pittenger & Anderson Inc. now owns 1,360 shares of the company’s stock worth $38,000 after purchasing an additional 395 shares in the last quarter. Finally, Larson Financial Group LLC bought a new position in shares of Planet Labs PBC in the third quarter worth approximately $39,000. Hedge funds and other institutional investors 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.