Planet Labs PBC (NYSE:PL) Stock Price Down 3.2% – Should You Sell?

Planet Labs PBC (NYSE:PL)’s stock price was down 3.2% during trading on Wednesday . The stock traded as low as $26.84 and last traded at $27.73. Approximately 9,121,100 shares traded hands during trading, a decline of 33% from the average daily volume of 13,663,728 shares. The stock had previously closed at $28.66.

Analyst Ratings Changes

PL has been the topic of several recent research reports. Weiss Ratings raised Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 15th. The Goldman Sachs Group reiterated a “neutral” rating and set a $22.00 price objective on shares of Planet Labs PBC in a research note on Thursday, June 11th. Citigroup boosted their target price on shares of Planet Labs PBC from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, April 2nd. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $36.00 target price on shares of Planet Labs PBC in a research note on Monday, June 15th. Finally, Northland Securities set a $50.00 price target on shares of Planet Labs PBC in a report on Friday, June 5th. Six investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Planet Labs PBC has a consensus rating of “Hold” and an average price target of $35.11.

Planet Labs PBC Stock Performance

The firm has a market cap of $9.29 billion, a price-to-earnings ratio of -22.87 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 has a 50 day moving average of $36.31 and a 200 day moving average of $30.45.

Planet Labs PBC (NYSE:PL) last issued 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. Planet Labs PBC had a negative return on equity of 105.29% and a negative net margin of 111.17%.The firm had revenue of $94.15 million during the quarter, compared to analyst estimates of $90.39 million. The business’s revenue for the quarter was up 42.1% on a year-over-year basis. As a group, equities research analysts expect that Planet Labs PBC will post -0.92 EPS for the current fiscal year.

Institutional Trading of Planet Labs PBC

Institutional investors have recently added to or reduced their stakes in the stock. Pittenger & Anderson Inc. boosted its stake in Planet Labs PBC by 40.9% during the 1st quarter. Pittenger & Anderson Inc. now owns 1,360 shares of the company’s stock valued at $38,000 after acquiring an additional 395 shares during the last quarter. Wellington Shields & Co. LLC increased its position in shares of Planet Labs PBC by 2.8% in the 4th quarter. Wellington Shields & Co. LLC now owns 15,776 shares of the company’s stock worth $311,000 after purchasing an additional 435 shares during the last quarter. Xponance LLC raised its stake in shares of Planet Labs PBC by 3.1% in the 4th quarter. Xponance LLC now owns 18,656 shares of the company’s stock valued at $368,000 after purchasing an additional 555 shares in the last quarter. Wealthfront Advisers LLC raised its stake in shares of Planet Labs PBC by 5.4% in the 4th quarter. Wealthfront Advisers LLC now owns 12,715 shares of the company’s stock valued at $251,000 after purchasing an additional 657 shares in the last quarter. Finally, KBC Group NV lifted its position in shares of Planet Labs PBC by 7.1% during the first quarter. KBC Group NV now owns 9,985 shares of the company’s stock worth $279,000 after purchasing an additional 661 shares during the last quarter. 41.71% of the stock is owned by institutional investors and hedge funds.

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.