Planet Labs PBC (NYSE:PL) Shares Down 2% - What's Next?

Key Points

• Planet Labs PBC shares fell 2% on Thursday, trading as low as $27.14 and below the prior close of $27.75 amid lighter-than-average volume.
• Analysts remain mixed, with several firms raising price targets, but the stock’s overall consensus is still only “Hold” with an average target price of $35.11.
• The company beat earnings and revenue expectations in its latest quarter, posting 42.1% year-over-year revenue growth to $94.15 million, though it still reported a small EPS loss and negative margins.

Planet Labs PBC (NYSE:PL - Get Free Report)'s stock price dropped 2% on Thursday . The company traded as low as $27.14 and last traded at $27.1850. Approximately 6,940,678 shares traded hands during mid-day trading, a decline of 49% from the average daily volume of 13,595,438 shares. The stock had previously closed at $27.75.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PL. Craig Hallum lifted their price objective on shares of Planet Labs PBC from $36.00 to $49.00 and gave the stock a "buy" rating in a research report on Friday, June 5th. The Goldman Sachs Group restated a "neutral" rating and issued a $22.00 target price on shares of Planet Labs PBC in a research note on Thursday, June 11th. Weiss Ratings upgraded shares of Planet Labs PBC from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Monday, June 15th. Needham & Company LLC lifted their price target 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. Finally, Cantor Fitzgerald upped their price target on Planet Labs PBC from $20.00 to $40.00 and gave the stock an "overweight" rating in a research report on Friday, March 20th. Six investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $35.11.

Planet Labs PBC Stock Performance

The firm has a market cap of $9.69 billion, a price-to-earnings ratio of -23.85 and a beta of 2.06. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.81 and a quick ratio of 2.78. The firm has a fifty day simple moving average of $36.47 and a two-hundred day simple moving average of $30.39.

Planet Labs PBC (NYSE:PL - Get Free Report) last posted its quarterly earnings data on Thursday, June 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.01. Planet Labs PBC had a negative net margin of 111.17% and a negative return on equity of 105.29%. The firm had revenue of $94.15 million for the quarter, compared to the consensus estimate of $90.39 million. The business's revenue for the quarter was up 42.1% on a year-over-year basis. On average, analysts expect that Planet Labs PBC will post -0.92 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PL. Pittenger & Anderson Inc. lifted its stake in shares of Planet Labs PBC by 40.9% during the first quarter. Pittenger & Anderson Inc. now owns 1,360 shares of the company's stock worth $38,000 after buying an additional 395 shares during the period. Wellington Shields & Co. LLC grew its holdings in shares of Planet Labs PBC by 2.8% during the fourth quarter. Wellington Shields & Co. LLC now owns 15,776 shares of the company's stock valued at $311,000 after buying an additional 435 shares during the last quarter. Xponance LLC increased its position 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 acquiring an additional 555 shares during the period. Wealthfront Advisers LLC increased its position 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 acquiring an additional 657 shares during the period. Finally, KBC Group NV raised its stake in Planet Labs PBC by 7.1% in the 1st quarter. KBC Group NV now owns 9,985 shares of the company's stock worth $279,000 after acquiring an additional 661 shares during the last quarter. Institutional investors and hedge funds 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.

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