Planet Labs PBC (NYSE:PL) Trading Down 6.1% – Here’s What Happened

Planet Labs PBC (NYSE:PL) fell 6.1% on Friday . The company traded as low as $20.98 and last traded at $20.99. Approximately 672,694 shares changed hands during trading, a decline of 95% from the average daily volume of 13,106,976 shares. The stock had previously closed at $22.36.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on PL shares. Zacks Research upgraded Planet Labs PBC from a “strong sell” rating to a “hold” rating in a research report on Thursday, July 2nd. The Goldman Sachs Group lifted their price target on shares of Planet Labs PBC from $22.00 to $25.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 14th. Needham & Company LLC boosted their price objective on shares of Planet Labs PBC from $40.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, June 5th. Wedbush assumed coverage on shares of Planet Labs PBC in a research note on Wednesday, July 1st. They issued an “outperform” rating and a $50.00 price objective for the company. Finally, Weiss Ratings raised shares of Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, June 15th. Six investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $35.36.

Planet Labs PBC Price Performance

The firm has a fifty day moving average of $33.29 and a two-hundred day moving average of $30.71. The company has a current ratio of 2.81, a quick ratio of 2.78 and a debt-to-equity ratio of 1.01. The company has a market capitalization of $7.30 billion, a PE ratio of -17.98 and a beta of 2.06.

Planet Labs PBC (NYSE:PL) last announced its quarterly earnings results on Thursday, June 4th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $90.39 million. The firm’s revenue for the quarter was up 42.1% compared to the same quarter last year. Research analysts anticipate that Planet Labs PBC will post -0.92 EPS for the current fiscal year.

Insider Buying and Selling at Planet Labs PBC

In related news, Director John W. Raymond sold 6,494 shares of the company’s stock in a transaction on Monday, July 13th. The shares were sold at an average price of $26.16, for a total transaction of $169,883.04. Following the completion of the sale, the director directly owned 37,114 shares in the company, valued at $970,902.24. This represents a 14.89% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Robert H. Schingler sold 64,593 shares of the stock in a transaction 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 directly owned 825,541 shares of the company’s stock, valued at $21,398,022.72. The trade was a 7.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 96,087 shares of company stock worth $2,492,134. 16.42% of the stock is owned by insiders.

Institutional Trading of Planet Labs PBC

Large investors have recently modified their holdings of the business. First Community Trust NA increased its holdings in Planet Labs PBC by 46.2% during the 2nd quarter. First Community Trust NA now owns 6,018 shares of the company’s stock valued at $199,000 after purchasing an additional 1,903 shares during the period. Tema ETFs LLC grew its position in shares of Planet Labs PBC by 75,804.6% in the 2nd quarter. Tema ETFs LLC now owns 1,590,960 shares of the company’s stock worth $52,709,000 after buying an additional 1,588,864 shares during the last quarter. Handelsbanken Fonder AB grew its position in shares of Planet Labs PBC by 10.5% in the 2nd quarter. Handelsbanken Fonder AB now owns 88,300 shares of the company’s stock worth $2,925,000 after buying an additional 8,400 shares during the last quarter. Focus Financial Network Inc. purchased a new position in shares of Planet Labs PBC during the second quarter valued at approximately $219,000. Finally, Valeo Financial Advisors LLC increased its stake in shares of Planet Labs PBC by 5.8% during the second quarter. Valeo Financial Advisors LLC now owns 19,017 shares of the company’s stock valued at $630,000 after buying an additional 1,038 shares during the period. 41.71% of the stock is owned by 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.