Planet Labs PBC (NYSE:PL) Trading Down 4% – Here’s Why

Planet Labs PBC (NYSE:PL)’s share price dropped 4% during mid-day trading on Wednesday . The company traded as low as $26.78 and last traded at $26.8920. Approximately 4,079,835 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 14,085,694 shares. The stock had previously closed at $28.00.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. JMP Securities reiterated a “market perform” rating on shares of Planet Labs PBC in a report on Tuesday, October 21st. Weiss Ratings restated a “sell (d-)” rating on shares of Planet Labs PBC in a research note on Wednesday, October 8th. Wedbush lifted their target price on Planet Labs PBC from $20.00 to $28.00 and gave the company an “outperform” rating in a research report on Tuesday, January 13th. Needham & Company LLC upped their target price on Planet Labs PBC from $16.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Finally, Northland Securities set a $28.00 price target on Planet Labs PBC in a research note on Tuesday, January 13th. Eight equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $20.64.

Planet Labs PBC Stock Performance

The company’s fifty day simple moving average is $17.57 and its two-hundred day simple moving average is $12.49. The company has a debt-to-equity ratio of 1.28, a quick ratio of 4.00 and a current ratio of 4.00. The stock has a market capitalization of $8.09 billion, a P/E ratio of -61.90 and a beta of 1.94.

Planet Labs PBC (NYSE:PL) last posted its earnings results on Wednesday, December 10th. The company reported ($0.19) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.17). The firm had revenue of $81.25 million during the quarter, compared to analyst estimates of $72.02 million. Planet Labs PBC had a negative net margin of 45.87% and a negative return on equity of 31.01%. The firm’s revenue for the quarter was up 32.6% compared to the same quarter last year. As a group, equities analysts forecast that Planet Labs PBC will post -0.37 EPS for the current year.

Insider Buying and Selling at Planet Labs PBC

In other news, insider Robert H. Schingler sold 73,782 shares of the business’s stock in a transaction dated Friday, December 26th. The shares were sold at an average price of $19.35, for a total value of $1,427,681.70. Following the completion of the sale, the insider owned 1,164,729 shares of the company’s stock, valued at approximately $22,537,506.15. The trade was a 5.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 17.53% of the company’s stock.

Institutional Trading of Planet Labs PBC

Institutional investors have recently bought and sold shares of the business. Barclays PLC increased its holdings in shares of Planet Labs PBC by 758.1% during the third quarter. Barclays PLC now owns 3,727,743 shares of the company’s stock worth $48,386,000 after purchasing an additional 3,293,333 shares during the period. Invesco Ltd. grew its position in Planet Labs PBC by 265.6% during the third quarter. Invesco Ltd. now owns 3,450,479 shares of the company’s stock worth $44,787,000 after buying an additional 2,506,595 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in Planet Labs PBC by 245.7% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,453,131 shares of the company’s stock worth $14,964,000 after acquiring an additional 1,743,474 shares during the period. Two Sigma Investments LP raised its holdings in Planet Labs PBC by 257.5% in the 3rd quarter. Two Sigma Investments LP now owns 2,362,275 shares of the company’s stock valued at $30,662,000 after acquiring an additional 1,701,535 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Planet Labs PBC by 9.7% during the 3rd quarter. Vanguard Group Inc. now owns 18,551,697 shares of the company’s stock valued at $240,801,000 after acquiring an additional 1,637,880 shares during the period. Institutional investors 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.