Planet Labs PBC (NYSE:PL) Shares Down 2.4% – Should You Sell?

Planet Labs PBC (NYSE:PL) shares dropped 2.4% on Monday . The stock traded as low as $30.11 and last traded at $30.3990. Approximately 14,793,685 shares traded hands during trading, an increase of 10% from the average daily volume of 13,474,134 shares. The stock had previously closed at $31.15.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on PL. Needham & Company LLC lifted their target price on shares of Planet Labs PBC from $40.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, June 5th. Wedbush reaffirmed an “outperform” rating and issued a $50.00 price objective on shares of Planet Labs PBC in a research note on Friday, June 5th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $22.00 price objective on shares of Planet Labs PBC in a research note on Thursday. Citigroup lifted their price objective on shares of Planet Labs PBC from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, April 2nd. Finally, Northland Securities set a $50.00 price objective on shares of Planet Labs PBC in a research note 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 MarketBeat.com, the company has a consensus rating of “Hold” and an average 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 firm’s 50 day moving average is $38.99 and its 200-day moving average is $28.47. The firm has a market cap of $10.83 billion, a price-to-earnings ratio of -26.67 and a beta of 1.99.

Planet Labs PBC (NYSE:PL) last released its quarterly earnings data on Thursday, June 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.01. Planet Labs PBC had a negative net margin of 111.17% and a negative return on equity of 105.29%. The business had revenue of $94.15 million during the quarter, compared to analyst estimates of $90.39 million. The business’s revenue was up 42.1% on a year-over-year basis. Sell-side analysts anticipate that Planet Labs PBC will post -0.81 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Planet Labs PBC news, insider Robert H. Schingler sold 73,683 shares of the business’s stock in a transaction 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 completion of the transaction, the insider owned 256,488 shares of the company’s stock, valued at $8,995,034.16. The trade was a 22.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ashley F. Johnson sold 200,000 shares of the business’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 transaction, the chief financial officer directly owned 1,895,162 shares of the company’s stock, valued at approximately $66,520,186.20. This represents a 9.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 16.42% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in 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 acquiring an additional 806,818 shares during 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 increased its holdings in shares of Planet Labs PBC by 122.9% during the 3rd quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 981,828 shares of the company’s stock worth $12,744,000 after purchasing an additional 541,328 shares during the period. Institutional investors and hedge funds 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.