Planet Labs PBC (NYSE:PL) Shares Down 2.5% – Should You Sell?

Planet Labs PBC (NYSE:PL) shares dropped 2.5% on Monday . The stock traded as low as $36.93 and last traded at $37.5220. Approximately 8,852,665 shares were traded during trading, a decline of 37% from the average daily volume of 13,953,000 shares. The stock had previously closed at $38.48.

Analysts Set New Price Targets

PL has been the topic of several analyst reports. Craig Hallum reaffirmed a “buy” rating and set a $30.00 price target on shares of Planet Labs PBC in a research report on Tuesday, January 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Planet Labs PBC in a research report on Thursday, January 22nd. Deutsche Bank Aktiengesellschaft set a $38.00 price objective on Planet Labs PBC and gave the stock a “buy” rating in a research report on Friday, March 27th. Needham & Company LLC upped their price objective on shares of Planet Labs PBC to $40.00 and gave the stock a “buy” rating in a research report on Friday, March 20th. Finally, Wedbush upped their price objective on shares of Planet Labs PBC from $30.00 to $40.00 and gave the stock an “outperform” rating in a research report on Friday, March 20th. Six research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $29.94.

Planet Labs PBC Price Performance

The firm has a market capitalization of $12.99 billion, a PE ratio of -48.11 and a beta of 1.83. The stock has a 50-day moving average price of $28.45 and a 200 day moving average price of $21.30. The company has a quick ratio of 1.64, a current ratio of 1.65 and a debt-to-equity ratio of 2.37.

Planet Labs PBC (NYSE:PL) last posted its quarterly earnings data on Thursday, March 19th. The company reported ($0.48) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.43). The business had revenue of $86.82 million during the quarter, compared to analysts’ expectations of $78.17 million. Planet Labs PBC had a negative net margin of 80.22% and a negative return on equity of 69.61%. The business’s revenue was up 41.1% compared to the same quarter last year. Equities analysts forecast that Planet Labs PBC will post -0.45 EPS for the current fiscal year.

Insider Activity at Planet Labs PBC

In other news, Director Vijaya Gadde sold 20,000 shares of Planet Labs PBC stock in a transaction dated Thursday, January 22nd. The shares were sold at an average price of $26.77, for a total value of $535,400.00. Following the sale, the director owned 250,169 shares in the company, valued at $6,697,024.13. This trade represents a 7.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kristen Robinson sold 47,835 shares of Planet Labs PBC stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $26.96, for a total transaction of $1,289,631.60. Following the completion of the sale, the director owned 222,897 shares in the company, valued at approximately $6,009,303.12. This trade represents a 17.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 492,249 shares of company stock worth $15,500,339 in the last ninety days. 17.53% of the stock is owned by company insiders.

Hedge Funds Weigh In On Planet Labs PBC

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Wellington Shields & Co. LLC lifted its position in shares of Planet Labs PBC by 2.8% in the fourth quarter. Wellington Shields & Co. LLC now owns 15,776 shares of the company’s stock valued at $311,000 after acquiring an additional 435 shares in the last quarter. Xponance LLC increased its position in shares of Planet Labs PBC by 3.1% during the fourth quarter. Xponance LLC now owns 18,656 shares of the company’s stock worth $368,000 after purchasing an additional 555 shares in the last quarter. Wealthfront Advisers LLC increased its position in shares of Planet Labs PBC by 5.4% during the fourth quarter. Wealthfront Advisers LLC now owns 12,715 shares of the company’s stock worth $251,000 after purchasing an additional 657 shares in the last quarter. Pictet Asset Management Holding SA increased its position in shares of Planet Labs PBC by 2.1% during the fourth quarter. Pictet Asset Management Holding SA now owns 33,090 shares of the company’s stock worth $653,000 after purchasing an additional 690 shares in the last quarter. Finally, Parkside Financial Bank & Trust increased its position in shares of Planet Labs PBC by 92.5% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company’s stock worth $31,000 after purchasing an additional 745 shares in the last quarter. Hedge funds and other 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.