Planet Labs PBC (NYSE:PL) Shares Down 7.6% - Here's Why

Key Points

• Planet Labs PBC shares fell 7.6% on Tuesday, trading as low as $27.04 after closing at $30.58 the prior day, with volume running well above average.
• Despite the drop, the company’s latest quarterly results beat expectations: EPS came in at -$0.03 versus -$0.04 expected, and revenue rose 42.1% year over year to $94.15 million.
• Analysts remain mixed but mostly constructive overall, with several firms raising price targets; the consensus rating is Hold and the average price target is $35.11.

Planet Labs PBC (NYSE:PL - Get Free Report) shares dropped 7.6% on Tuesday . The company traded as low as $27.04 and last traded at $28.2460. Approximately 23,143,217 shares traded hands during mid-day trading, an increase of 71% from the average daily volume of 13,542,027 shares. The stock had previously closed at $30.58.

Analysts Set New Price Targets

Several research firms recently weighed in on PL. Wedbush restated an "outperform" rating and set a $50.00 target price on shares of Planet Labs PBC in a report on Friday, June 5th. Needham & Company LLC lifted their target price on shares of Planet Labs PBC from $40.00 to $53.00 and gave the company a "buy" rating in a report on Friday, June 5th. Northland Securities set a $50.00 target price on shares of Planet Labs PBC in a report on Friday, June 5th. Craig Hallum lifted their target price on shares of Planet Labs PBC from $36.00 to $49.00 and gave the company a "buy" rating in a report on Friday, June 5th. Finally, Weiss Ratings lowered shares of Planet Labs PBC from a "sell (d-)" rating to a "sell (e+)" rating in a report on Monday, June 1st. Six analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $35.11.

Planet Labs PBC Price Performance

The stock has a market cap of $10.07 billion, a PE ratio of -24.78 and a beta of 1.99. The company has a current ratio of 2.81, a quick ratio of 2.78 and a debt-to-equity ratio of 1.01. The company's 50 day moving average is $38.88 and its 200-day moving average is $28.60.

Planet Labs PBC (NYSE:PL - Get Free Report) last released its quarterly earnings results on Thursday, June 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping 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 company's revenue for the quarter was up 42.1% compared to the same quarter last year. As a group, sell-side analysts predict that Planet Labs PBC will post -0.81 earnings per share for the current year.

Insider Buying and Selling at Planet Labs PBC

In related news, CFO Ashley F. Johnson sold 200,000 shares of Planet Labs PBC stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $35.10, for a total transaction of $7,020,000.00. Following 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Robert H. Schingler sold 73,683 shares of Planet Labs PBC stock in a transaction on Monday, April 6th. The stock was sold at an average price of $35.07, for a total transaction of $2,584,062.81. Following the sale, the insider directly owned 256,488 shares in the company, valued at $8,995,034.16. This trade represents a 22.32% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 16.42% of the company's stock.

Institutional Investors Weigh In On Planet Labs PBC

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Western Wealth Management LLC purchased a new stake in Planet Labs PBC during the 1st quarter worth $28,000. Oddo BHF Asset Management Sas bought a new stake in shares of Planet Labs PBC in the 1st quarter worth about $5,472,000. Amundi increased its position in shares of Planet Labs PBC by 30.7% in the 1st quarter. Amundi now owns 20,280 shares of the company's stock worth $567,000 after purchasing an additional 4,765 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Planet Labs PBC by 243.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,965 shares of the company's stock worth $83,000 after purchasing an additional 2,102 shares during the last quarter. Finally, California State Teachers Retirement System increased its position in shares of Planet Labs PBC by 22.6% in the 1st quarter. California State Teachers Retirement System now owns 285,952 shares of the company's stock worth $7,992,000 after purchasing an additional 52,806 shares during the last quarter. Hedge funds and other 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.

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