Planet Labs PBC (NYSE:PL) Stock Price Down 8.8% – Here’s What Happened

Planet Labs PBC (NYSE:PL)’s share price traded down 8.8% during trading on Monday . The stock traded as low as $45.53 and last traded at $46.6570. 13,484,246 shares changed hands 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.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PL. Deutsche Bank Aktiengesellschaft set a $38.00 price objective on shares of Planet Labs PBC and gave the stock a “buy” rating in a report on Friday, March 27th. Morgan Stanley raised their price objective 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. Citigroup raised their price objective on shares of Planet Labs PBC from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, April 2nd. Wedbush increased their target price on Planet Labs PBC from $40.00 to $50.00 and gave the stock an “outperform” rating in a report on Thursday, May 14th. Finally, Zacks Research cut Planet Labs PBC from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 19th. Six investment analysts have rated the stock with a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Planet Labs PBC has a consensus rating of “Hold” and a consensus price target of $30.61.

Planet Labs PBC Stock Up 3.6%

The business has a 50-day simple moving average of $38.15 and a two-hundred day simple moving average of $26.90. The stock has a market capitalization of $16.66 billion, a P/E ratio of -61.72 and a beta of 1.99. The company has a quick ratio of 1.64, a current ratio of 1.65 and a debt-to-equity ratio of 2.37.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Planet Labs PBC

Hedge funds and other institutional investors have recently bought and sold shares of the business. American Capital Advisory LLC acquired a new stake in Planet Labs PBC during the 1st quarter valued at $28,000. Western Wealth Management LLC acquired a new stake in Planet Labs PBC during the 1st quarter valued at $28,000. Pittenger & Anderson Inc. increased its holdings in 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 purchasing an additional 395 shares in the last quarter. Whittier Trust Co. of Nevada Inc. acquired a new stake in Planet Labs PBC during the 1st quarter valued at $41,000. Finally, Parkside Financial Bank & Trust increased its holdings in Planet Labs PBC by 92.5% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company’s stock valued at $31,000 after purchasing an additional 745 shares in the last quarter. 41.71% of the stock is 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.