Planet Labs PBC (NYSE:PL) Shares Down 7.8% – Time to Sell?

Planet Labs PBC (NYSE:PL) traded down 7.8% on Thursday . The stock traded as low as $22.90 and last traded at $22.9670. 3,076,575 shares were traded during trading, a decline of 77% from the average daily volume of 13,314,152 shares. The stock had previously closed at $24.90.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Morgan Stanley increased their price target on Planet Labs PBC from $26.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, March 25th. Northland Securities set a $50.00 price objective on Planet Labs PBC in a research report on Friday, June 5th. Citigroup upped their target price on shares of Planet Labs PBC from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, April 2nd. New Street Research initiated coverage on shares of Planet Labs PBC in a report on Wednesday, May 13th. They issued a “sell” rating and a $28.00 target price on the stock. Finally, Weiss Ratings upgraded shares of Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, June 15th. Six research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Planet Labs PBC currently has a consensus rating of “Hold” and an average price target of $35.36.

Planet Labs PBC Stock Performance

The company has a market capitalization of $8.05 billion, a price-to-earnings ratio of -19.81 and a beta of 2.06. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.81 and a quick ratio of 2.78. The stock has a 50 day simple moving average of $34.81 and a two-hundred day simple moving average of $30.56.

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, topping the consensus estimate of ($0.04) by $0.01. Planet Labs PBC had a negative return on equity of 105.29% and a negative net margin of 111.17%.The business had revenue of $94.15 million during the quarter, compared to analysts’ expectations of $90.39 million. The firm’s quarterly revenue was up 42.1% on a year-over-year basis. As a group, analysts anticipate that Planet Labs PBC will post -0.92 earnings per share for the current year.

Insider Buying and Selling

In other Planet Labs PBC news, insider Robert H. Schingler sold 64,593 shares of the firm’s stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $25.92, for a total transaction of $1,674,250.56. Following the sale, the insider owned 825,541 shares of the company’s stock, valued at approximately $21,398,022.72. This trade represents a 7.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John W. Raymond sold 6,494 shares of the business’s stock in a transaction that occurred on Monday, July 13th. The stock was sold at an average price of $26.16, for a total transaction of $169,883.04. Following the sale, the director owned 37,114 shares of the company’s stock, valued at $970,902.24. This represents a 14.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 96,087 shares of company stock valued at $2,492,134 over the last ninety days. 16.42% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. 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 period. AMI Asset Management Corp purchased a new position in shares of Planet Labs PBC in the 4th quarter valued at approximately $673,000. Calamos Advisors LLC acquired a new position in shares of Planet Labs PBC in the first quarter valued at approximately $2,973,000. Hsbc Holdings PLC acquired a new position in shares of Planet Labs PBC in the fourth quarter valued at approximately $8,457,000. Finally, Norges Bank purchased a new stake in shares of Planet Labs PBC during the fourth quarter worth approximately $17,494,000. 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.