Planet Labs PBC (NYSE:PL) Shares Down 7.4% – Should You Sell?

Planet Labs PBC (NYSE:PL)’s share price was down 7.4% on Friday . The stock traded as low as $35.13 and last traded at $35.4630. Approximately 10,408,231 shares traded hands during mid-day trading, a decline of 25% from the average daily volume of 13,813,040 shares. The stock had previously closed at $38.29.

Analysts Set New Price Targets

Several equities analysts recently weighed in on PL shares. Weiss Ratings restated a “sell (d-)” rating on shares of Planet Labs PBC in a research note on Tuesday. Cantor Fitzgerald lifted their price target on Planet Labs PBC from $20.00 to $40.00 and gave the company an “overweight” rating in a research note on Friday, March 20th. Needham & Company LLC lifted their price target on Planet Labs PBC to $40.00 and gave the company a “buy” rating in a research note on Friday, March 20th. Craig Hallum restated a “buy” rating and issued a $30.00 price target on shares of Planet Labs PBC in a research note on Tuesday, January 13th. Finally, Zacks Research upgraded Planet Labs PBC from a “strong sell” rating to a “hold” rating in a research note on Friday, February 13th. Six investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $29.94.

Planet Labs PBC Trading Down 7.4%

The company has a 50 day simple moving average of $29.72 and a 200 day simple moving average of $21.86. The company has a debt-to-equity ratio of 2.37, a quick ratio of 1.64 and a current ratio of 1.65. The company has a market capitalization of $12.28 billion, a PE ratio of -45.47 and a beta of 1.83.

Planet Labs PBC (NYSE:PL) last posted its quarterly earnings data on Thursday, March 19th. The company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.43). Planet Labs PBC had a negative return on equity of 69.61% and a negative net margin of 80.22%.The firm had revenue of $86.82 million for the quarter, compared to analysts’ expectations of $78.17 million. The company’s quarterly revenue was up 41.1% on a year-over-year basis. Analysts anticipate that Planet Labs PBC will post -0.45 earnings per share for the current year.

Insider Activity at Planet Labs PBC

In other Planet Labs PBC news, CFO Ashley F. Johnson sold 200,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer directly owned 1,895,162 shares in the company, valued at approximately $66,520,186.20. The trade was a 9.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Robert H. Schingler sold 73,683 shares of the business’s stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $35.07, for a total value of $2,584,062.81. Following the sale, the insider owned 256,488 shares of the company’s stock, valued at approximately $8,995,034.16. This trade represents a 22.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 17.53% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Planet Labs PBC

Large investors have recently made changes to their positions in the stock. Parkside Financial Bank & Trust grew its position in shares of 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 purchasing an additional 745 shares in the last quarter. MCF Advisors LLC purchased a new stake in shares of Planet Labs PBC in the third quarter valued at approximately $32,000. Baillie Gifford & Co. purchased a new stake in shares of Planet Labs PBC in the fourth quarter valued at approximately $32,000. Larson Financial Group LLC purchased a new stake in shares of Planet Labs PBC in the third quarter valued at approximately $39,000. Finally, GAMMA Investing LLC grew its position in shares of Planet Labs PBC by 146.4% in the fourth quarter. GAMMA Investing LLC now owns 2,011 shares of the company’s stock valued at $40,000 after purchasing an additional 1,195 shares in the last quarter. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

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.