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

Planet Labs PBC (NYSE:PL) shares traded down 8.8% during trading on Monday . The stock traded as low as $46.60 and last traded at $46.6450. 2,151,915 shares changed hands during trading, a decline of 83% from the average session volume of 12,802,414 shares. The stock had previously closed at $51.14.

Wall Street Analyst Weigh In

PL has been the topic of a number of recent research reports. Weiss Ratings raised Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, May 18th. New Street Research initiated coverage on Planet Labs PBC in a research note on Wednesday, May 13th. They set a “sell” rating and a $28.00 price objective on the stock. Needham & Company LLC boosted their price objective on Planet Labs PBC to $40.00 and gave the stock a “buy” rating in a research note on Friday, March 20th. The Goldman Sachs Group boosted their price objective on Planet Labs PBC from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Monday, April 20th. Finally, Zacks Research lowered Planet Labs PBC from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 19th. Six 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 data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $30.61.

Planet Labs PBC Trading Down 7.5%

The company has a 50 day moving average price of $37.76 and a 200 day moving average price of $26.66. The firm has a market cap of $16.37 billion, a price-to-earnings ratio of -60.02 and a beta of 1.99. The company has a debt-to-equity ratio of 2.37, a quick ratio of 1.64 and a current ratio of 1.65.

Insider Buying and Selling at Planet Labs PBC

In other news, CFO Ashley F. Johnson sold 200,000 shares of the company’s stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $35.10, for a total value of $7,020,000.00. Following the transaction, the chief financial officer owned 1,895,162 shares of the company’s stock, valued at $66,520,186.20. This represents a 9.55% decrease in their position. The sale 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 company’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 completion of the transaction, the insider directly owned 256,488 shares in the company, valued at approximately $8,995,034.16. This trade represents a 22.32% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.42% of the company’s stock.

Hedge Funds Weigh In On Planet Labs PBC

Several large investors have recently modified their holdings of PL. Vanguard Group Inc. lifted its stake 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 in the last quarter. Divisadero Street Capital Management LP acquired a new position in Planet Labs PBC during the 3rd quarter worth about $13,564,000. New York State Common Retirement Fund lifted its stake in Planet Labs PBC by 45.3% during the 3rd quarter. New York State Common Retirement Fund now owns 202,384 shares of the company’s stock worth $2,627,000 after acquiring an additional 63,088 shares in the last quarter. Oppenheimer & Co. Inc. lifted its stake in Planet Labs PBC by 74.1% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 2,002,184 shares of the company’s stock worth $25,988,000 after acquiring an additional 851,937 shares in the last quarter. Finally, Ranger Investment Management L.P. acquired a new position in Planet Labs PBC during the 3rd quarter worth about $2,688,000. Institutional investors and hedge funds own 41.71% of the company’s stock.

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.