Planet Labs PBC (NYSE:PL) Stock Price Down 2% – Should You Sell?

Planet Labs PBC (NYSE:PL)’s stock price traded down 2% on Thursday . The company traded as low as $27.14 and last traded at $27.1850. Approximately 6,940,678 shares changed hands during trading, a decline of 49% from the average session volume of 13,595,438 shares. The stock had previously closed at $27.75.

Analysts Set New Price Targets

A number of research analysts have commented on PL shares. Cantor Fitzgerald lifted 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. Northland Securities set a $50.00 target price on shares of Planet Labs PBC in a research note on Friday, June 5th. Morgan Stanley raised their price target on Planet Labs PBC from $26.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, March 25th. New Street Research started coverage on Planet Labs PBC in a research report on Wednesday, May 13th. They issued a “sell” rating and a $28.00 price target on the stock. Finally, Citigroup upped their price objective on Planet Labs PBC from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, April 2nd. Six research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $35.11.

Planet Labs PBC Price Performance

The company has a market cap of $9.29 billion, a price-to-earnings ratio of -22.87 and a beta of 2.06. The company has a current ratio of 2.81, a quick ratio of 2.78 and a debt-to-equity ratio of 1.01. The company’s 50 day moving average price is $36.15 and its 200 day moving average price is $30.42.

Planet Labs PBC (NYSE:PL) last issued its quarterly earnings results on Thursday, June 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. The business had revenue of $94.15 million for the quarter, compared to analyst estimates of $90.39 million. Planet Labs PBC had a negative net margin of 111.17% and a negative return on equity of 105.29%. The firm’s revenue for the quarter was up 42.1% on a year-over-year basis. Equities research analysts forecast that Planet Labs PBC will post -0.92 earnings per share for the current year.

Hedge Funds Weigh In On Planet Labs PBC

Large investors have recently modified their holdings of the business. American Capital Advisory LLC purchased a new stake in shares of Planet Labs PBC in the first quarter valued at approximately $28,000. Western Wealth Management LLC purchased a new position in Planet Labs PBC in the first quarter worth $28,000. Parkside Financial Bank & Trust lifted its holdings in Planet Labs PBC by 92.5% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company’s stock valued at $31,000 after acquiring an additional 745 shares during the period. Baillie Gifford & Co. acquired a new stake in Planet Labs PBC in the fourth quarter valued at $32,000. Finally, Pittenger & Anderson Inc. boosted its position in shares of Planet Labs PBC by 40.9% during the 1st 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. 41.71% of the stock is owned by hedge funds and other institutional investors.

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.