Planet Labs PBC (NYSE:PL) Stock Price Down 8.8% – Time to Sell?

Planet Labs PBC (NYSE:PL) traded down 8.8% during mid-day trading on Friday . The company traded as low as $29.77 and last traded at $31.1640. 19,506,059 shares changed hands during mid-day trading, an increase of 45% from the average session volume of 13,460,496 shares. The stock had previously closed at $34.17.

Key Stories Impacting Planet Labs PBC

Here are the key news stories impacting Planet Labs PBC this week:

• Positive Sentiment: Planet Labs reported strong quarterly results, beating analyst expectations on both EPS and revenue, while year-over-year revenue growth remained robust. 3 Stocks With Fresh Catalysts to Watch Before July 4 (PL)
• Positive Sentiment: Investors are showing renewed interest in commercial space stocks ahead of SpaceX’s IPO, which helped lift Planet Labs as a sector proxy. Planet Labs Stock Skyrockets Ahead Of SpaceX’s Friday IPO
• Positive Sentiment: Planet Labs’ AIRS initiative could strengthen its sustainability-related satellite data business and broaden its commercial appeal. Planet Labs Uses AIRS Initiative To Link Satellite Data With Sustainability
• Neutral Sentiment: Market commentary suggests PL’s recent pullback may be a buying opportunity, but the stock is still trading as a sentiment-driven space name rather than on near-term profits. Planet Labs coming back down to Earth
• Negative Sentiment: Northland Securities cut several forward earnings estimates for Planet Labs, reinforcing concerns that profitability remains limited and may pressure valuation. Analysts Offer Insights on Industrial Goods Companies: Bloom Energy (BE), Equifax (EFX) and Planet Labs PBC (PL)

Analyst Ratings Changes

Several brokerages recently commented on PL. New Street Research assumed coverage on shares of Planet Labs PBC in a research report on Wednesday, May 13th. They issued a “sell” rating and a $28.00 price target for the company. Deutsche Bank Aktiengesellschaft set a $38.00 target price on Planet Labs PBC and gave the company a “buy” rating in a report on Friday, March 27th. Northland Securities set a $50.00 price target on shares of Planet Labs PBC in a report on Friday, June 5th. Cantor Fitzgerald upped their price objective on shares of Planet Labs PBC from $20.00 to $40.00 and gave the company an “overweight” rating in a research note on Friday, March 20th. Finally, Weiss Ratings downgraded shares of Planet Labs PBC from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, June 1st. 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 stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $35.28.

Planet Labs PBC Stock Down 8.8%

The business has a 50-day simple moving average of $38.98 and a 200-day simple moving average of $28.33. 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 stock has a market cap of $10.79 billion, a P/E ratio of -27.34 and a beta of 1.99.

Planet Labs PBC (NYSE:PL) last announced its earnings results on Thursday, June 4th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $90.39 million. The business’s revenue was up 42.1% on a year-over-year basis. Analysts expect that Planet Labs PBC will post -0.81 EPS for the current year.

Insider Activity

In other Planet Labs PBC news, insider Robert H. Schingler sold 73,683 shares of the stock in a transaction on 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 completion of the transaction, the insider directly owned 256,488 shares in the company, valued at $8,995,034.16. This represents a 22.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ashley F. Johnson sold 200,000 shares of the company’s stock in a transaction dated 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 sale, the chief financial officer directly owned 1,895,162 shares in the company, valued at $66,520,186.20. This represents a 9.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 16.42% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Planet Labs PBC

Hedge funds and other institutional investors have recently made changes to their positions in the company. AQR Capital Management LLC lifted its stake in shares of Planet Labs PBC by 671.1% during the first quarter. AQR Capital Management LLC now owns 92,693 shares of the company’s stock valued at $313,000 after acquiring an additional 80,672 shares during the period. Integrated Wealth Concepts LLC acquired a new stake in Planet Labs PBC in the first quarter worth about $189,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Planet Labs PBC by 6.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 130,798 shares of the company’s stock worth $442,000 after purchasing an additional 8,143 shares during the period. Goldman Sachs Group Inc. raised its holdings in Planet Labs PBC by 54.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,856,245 shares of the company’s stock worth $6,274,000 after purchasing an additional 653,173 shares during the last quarter. Finally, Thompson Davis & CO. Inc. bought a new stake in Planet Labs PBC during the 2nd quarter worth about $121,000. 41.71% of the stock is owned by institutional investors and hedge funds.

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.