Planet Labs PBC (NYSE:PL) Stock Price Down 4.2% – Time to Sell?

Shares of Planet Labs PBC (NYSE:PL) dropped 4.2% on Friday . The stock traded as low as $25.32 and last traded at $26.0710. 7,199,935 shares traded hands during mid-day trading, a decline of 47% from the average daily volume of 13,562,621 shares. The stock had previously closed at $27.20.

Analyst Upgrades and Downgrades

PL has been the subject of several recent research reports. The Goldman Sachs Group reissued a “neutral” rating and issued a $22.00 price target on shares of Planet Labs PBC in a research note on Thursday, June 11th. 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. Zacks Research raised shares of Planet Labs PBC from a “strong sell” rating to a “hold” rating in a research report on Thursday, July 2nd. New Street Research assumed coverage on shares of Planet Labs PBC in a research note on Wednesday, May 13th. They set a “sell” rating and a $28.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $36.00 price target on shares of Planet Labs PBC in a report on Monday, June 15th. Six research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $35.11.

Planet Labs PBC Stock Down 4.2%

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 business has a 50-day simple moving average of $36.31 and a 200-day simple moving average of $30.45. The stock has a market cap of $9.29 billion, a P/E ratio of -22.87 and a beta of 2.06.

Planet Labs PBC (NYSE:PL) last released its quarterly earnings results on Thursday, June 4th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. Planet Labs PBC had a negative net margin of 111.17% and a negative return on equity of 105.29%. The company had revenue of $94.15 million for the quarter, compared to analyst estimates of $90.39 million. The business’s quarterly revenue was up 42.1% on a year-over-year basis. Analysts expect that Planet Labs PBC will post -0.92 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. AQR Capital Management LLC boosted its holdings in Planet Labs PBC by 671.1% during the first quarter. AQR Capital Management LLC now owns 92,693 shares of the company’s stock valued at $313,000 after acquiring an additional 80,672 shares during the period. Integrated Wealth Concepts LLC bought a new position in shares of Planet Labs PBC in the first quarter worth about $189,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Planet Labs PBC by 6.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 130,798 shares of the company’s stock worth $442,000 after purchasing an additional 8,143 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Planet Labs PBC by 54.3% in the first quarter. Goldman Sachs Group Inc. now owns 1,856,245 shares of the company’s stock worth $6,274,000 after purchasing an additional 653,173 shares during the period. Finally, Thompson Davis & CO. Inc. acquired a new position in shares of Planet Labs PBC during the 2nd quarter worth about $121,000. Institutional investors and hedge funds own 41.71% of the company’s stock.

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.