Planet Labs PBC (NYSE:PL) Stock Price Down 2.8% – What’s Next?

Shares of Planet Labs PBC (NYSE:PL) fell 2.8% during mid-day trading on Wednesday . The company traded as low as $32.57 and last traded at $34.0350. 6,837,229 shares changed hands during mid-day trading, a decline of 50% from the average session volume of 13,560,285 shares. The stock had previously closed at $35.03.

Analysts Set New Price Targets

A number of research firms recently issued reports on PL. Northland Securities set a $28.00 price target on shares of Planet Labs PBC in a research note on Tuesday, January 13th. Wedbush increased their price target on shares of Planet Labs PBC from $30.00 to $40.00 and gave the stock an “outperform” rating in a research note on Friday, March 20th. The Goldman Sachs Group increased their price target on shares of Planet Labs PBC from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Monday, April 20th. Deutsche Bank Aktiengesellschaft set a $38.00 price target on shares of Planet Labs PBC and gave the stock a “buy” rating in a research note on Friday, March 27th. Finally, Needham & Company LLC increased their price target on shares of Planet Labs PBC to $40.00 and gave the stock a “buy” rating in a research note on Friday, March 20th. Six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $29.94.

Planet Labs PBC Stock Down 0.3%

The stock’s 50 day simple moving average is $30.94 and its two-hundred day simple moving average is $22.55. The firm has a market cap of $12.75 billion, a P/E ratio of -47.24 and a beta of 1.91. The company has a debt-to-equity ratio of 2.37, a current ratio of 1.65 and a quick ratio of 1.64.

Planet Labs PBC (NYSE:PL) last announced its earnings results on Thursday, March 19th. The company reported ($0.48) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.43). Planet Labs PBC had a negative net margin of 80.22% and a negative return on equity of 69.61%. The business had revenue of $86.82 million for the quarter, compared to the consensus estimate of $78.17 million. The firm’s revenue for the quarter was up 41.1% compared to the same quarter last year. As a group, research analysts forecast that Planet Labs PBC will post -0.45 earnings per share for the current year.

Insider Buying and Selling

In other Planet Labs PBC news, CFO Ashley F. Johnson sold 200,000 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the chief financial officer owned 1,895,162 shares of the company’s stock, valued at approximately $66,520,186.20. This trade represents a 9.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Robert H. Schingler sold 73,683 shares of the firm’s stock in a transaction that occurred on Monday, April 6th. The shares were 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 of the company’s stock, valued at $8,995,034.16. This represents a 22.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 17.53% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Planet Labs PBC

Institutional investors and hedge funds have recently made changes to their positions in the company. Wellington Shields & Co. LLC boosted its stake in shares of Planet Labs PBC by 2.8% during the 4th quarter. Wellington Shields & Co. LLC now owns 15,776 shares of the company’s stock worth $311,000 after acquiring an additional 435 shares during the last quarter. Xponance LLC boosted its stake in shares of Planet Labs PBC by 3.1% during the 4th quarter. Xponance LLC now owns 18,656 shares of the company’s stock worth $368,000 after acquiring an additional 555 shares during the last quarter. Wealthfront Advisers LLC boosted its stake in shares of Planet Labs PBC by 5.4% during the 4th quarter. Wealthfront Advisers LLC now owns 12,715 shares of the company’s stock worth $251,000 after acquiring an additional 657 shares during the last quarter. Pictet Asset Management Holding SA boosted its stake in shares of Planet Labs PBC by 2.1% during the 4th quarter. Pictet Asset Management Holding SA now owns 33,090 shares of the company’s stock worth $653,000 after acquiring an additional 690 shares during the last quarter. Finally, Parkside Financial Bank & Trust boosted its stake in shares of Planet Labs PBC by 92.5% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company’s stock worth $31,000 after acquiring an additional 745 shares during 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.