Planet Labs PBC (NYSE:PL) Shares Gap Down – Here’s What Happened

Planet Labs PBC (NYSE:PL)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $51.40, but opened at $49.13. Planet Labs PBC shares last traded at $46.3510, with a volume of 3,233,607 shares trading hands.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on PL shares. Zacks Research lowered Planet Labs PBC from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 19th. Needham & Company LLC lifted their price objective on Planet Labs PBC to $40.00 and gave the company a “buy” rating in a research note on Friday, March 20th. Cantor Fitzgerald lifted their price objective on Planet Labs PBC from $20.00 to $40.00 and gave the company an “overweight” rating in a research note on Friday, March 20th. New Street Research started coverage on Planet Labs PBC in a research note on Wednesday, May 13th. They set a “sell” rating and a $28.00 price objective for the company. Finally, Citigroup lifted their price objective on Planet Labs PBC from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, April 2nd. Six equities 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 company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $30.61.

Planet Labs PBC Stock Performance

The company has a debt-to-equity ratio of 2.37, a current ratio of 1.65 and a quick ratio of 1.64. The company has a 50 day simple moving average of $37.23 and a 200-day simple moving average of $26.39. The stock has a market cap of $16.45 billion, a P/E ratio of -60.85 and a beta of 1.91.

Insider Activity

In other Planet Labs PBC news, CFO Ashley F. Johnson sold 200,000 shares of Planet Labs PBC stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $35.10, for a total transaction of $7,020,000.00. Following the completion of the sale, the chief financial officer owned 1,895,162 shares of the company’s stock, valued at $66,520,186.20. The trade was a 9.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Robert H. Schingler sold 73,683 shares of Planet Labs PBC stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $35.07, for a total value of $2,584,062.81. Following the sale, the insider directly owned 256,488 shares of the company’s stock, valued at approximately $8,995,034.16. This trade represents a 22.32% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 17.53% of the company’s stock.

Institutional Investors Weigh In On Planet Labs PBC

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