Planet Labs PBC (NYSE:PL) Shares Down 8.8% – Should You Sell?

Planet Labs PBC (NYSE:PL) dropped 8.8% during mid-day trading on Monday . The stock traded as low as $45.53 and last traded at $46.6570. Approximately 13,484,246 shares traded hands during mid-day trading, an increase of 4% from the average daily volume of 12,920,249 shares. The stock had previously closed at $51.14.

Analyst Ratings Changes

PL has been the topic of several analyst reports. Needham & Company LLC upped their target price on shares of Planet Labs PBC to $40.00 and gave the stock a “buy” rating in a research note on Friday, March 20th. 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. Zacks Research downgraded shares of Planet Labs PBC from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 19th. Cantor Fitzgerald upped their target price on shares of Planet Labs PBC from $20.00 to $40.00 and gave the stock an “overweight” rating in a research note on Friday, March 20th. Finally, Deutsche Bank Aktiengesellschaft set a $38.00 price objective on shares of Planet Labs PBC and gave the company a “buy” rating in a report on Friday, March 27th. 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 stock. According to data from MarketBeat.com, Planet Labs PBC currently has a consensus rating of “Hold” and an average target price of $30.61.

Planet Labs PBC Price Performance

The company has a quick ratio of 1.64, a current ratio of 1.65 and a debt-to-equity ratio of 2.37. The firm’s fifty day moving average price is $37.76 and its two-hundred day moving average price is $26.66. The stock has a market capitalization of $16.15 billion, a PE ratio of -59.82 and a beta of 1.99.

Insider Buying and Selling

In other Planet Labs PBC news, insider Robert H. Schingler sold 73,683 shares of the company’s stock in a transaction that occurred 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 sale, the insider directly owned 256,488 shares of the company’s stock, valued at approximately $8,995,034.16. This represents a 22.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through 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 company’s stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $35.10, for a total transaction of $7,020,000.00. Following the sale, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 16.42% of the stock is currently owned by corporate insiders.

Institutional Trading of Planet Labs PBC

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. American Capital Advisory LLC purchased a new stake in Planet Labs PBC during the first quarter valued at approximately $28,000. Western Wealth Management LLC purchased a new stake in Planet Labs PBC during the first quarter valued at approximately $28,000. Parkside Financial Bank & Trust increased its holdings in Planet Labs PBC by 92.5% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company’s stock valued at $31,000 after buying an additional 745 shares during the last quarter. MCF Advisors LLC purchased a new stake in Planet Labs PBC during the third quarter valued at approximately $32,000. Finally, Baillie Gifford & Co. purchased a new stake in Planet Labs PBC during the fourth quarter valued at approximately $32,000. 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.