Planet Labs PBC (NYSE:PL) Stock Price Down 2% – What’s Next?

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

Analyst Upgrades and Downgrades

PL has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $36.00 price target on shares of Planet Labs PBC in a report on Monday, June 15th. Zacks Research raised Planet Labs PBC from a “strong sell” rating to a “hold” rating in a report on Thursday, July 2nd. Northland Securities set a $50.00 target price on Planet Labs PBC in a research note on Friday, June 5th. Craig Hallum lifted their price target on Planet Labs PBC from $36.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, June 5th. Finally, Cantor Fitzgerald boosted their price target on Planet Labs PBC from $20.00 to $40.00 and gave the company an “overweight” rating in a report on Friday, March 20th. Six 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. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $35.11.

Planet Labs PBC Trading Down 2.0%

The company has a market cap of $9.69 billion, a price-to-earnings ratio of -23.85 and a beta of 2.06. The company has a quick ratio of 2.78, a current ratio of 2.81 and a debt-to-equity ratio of 1.01. The company’s 50-day moving average is $36.47 and its 200 day moving average is $30.39.

Planet Labs PBC (NYSE:PL) last released its quarterly earnings data on Thursday, June 4th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The company had revenue of $94.15 million during the quarter, compared to analysts’ expectations 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 company’s revenue was up 42.1% compared to the same quarter last year. Research analysts predict that Planet Labs PBC will post -0.92 EPS for the current year.

Hedge Funds Weigh In On Planet Labs PBC

Several institutional investors and hedge funds have recently modified their holdings of PL. Vanguard Group Inc. raised its holdings in Planet Labs PBC by 4.3% in the 4th quarter. Vanguard Group Inc. now owns 19,358,515 shares of the company’s stock worth $381,750,000 after purchasing an additional 806,818 shares during the period. Canada Pension Plan Investment Board grew its holdings in Planet Labs PBC by 0.3% in the second quarter. Canada Pension Plan Investment Board now owns 7,820,400 shares of the company’s stock valued at $47,704,000 after purchasing an additional 20,400 shares during the period. Van ECK Associates Corp increased its position in shares of Planet Labs PBC by 320.3% in the fourth quarter. Van ECK Associates Corp now owns 7,678,938 shares of the company’s stock valued at $151,429,000 after buying an additional 5,851,758 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Planet Labs PBC by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 5,702,642 shares of the company’s stock valued at $112,475,000 after buying an additional 71,381 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in shares of Planet Labs PBC by 7.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 4,137,871 shares of the company’s stock worth $81,599,000 after buying an additional 301,757 shares during the period. Hedge funds and other institutional investors 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.