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

Key Points

• Planet Labs PBC shares gapped down at the open on Monday, falling from a prior close of $22.47 to $21.72 before trading near $22.70.
• Despite the weak stock move, the company’s latest quarter beat expectations, posting EPS of -$0.03 versus -$0.04 expected and revenue of $94.15 million, up 42.1% year over year.
• Analyst sentiment remains mixed: several firms raised price targets, but the overall consensus is still “Hold” with an average target price of $35.36, well above the current share price.

Shares of Planet Labs PBC (NYSE:PL - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $22.47, but opened at $21.72. Planet Labs PBC shares last traded at $22.6960, with a volume of 1,649,027 shares.

Wall Street Analysts Forecast Growth

PL has been the subject of a number of research analyst reports. Craig Hallum boosted their target price on Planet Labs PBC from $36.00 to $49.00 and gave the company a "buy" rating in a research note on Friday, June 5th. Morgan Stanley raised their price target on Planet Labs PBC from $26.00 to $35.00 and gave the stock an "equal weight" rating in a research report on Wednesday, March 25th. Zacks Research upgraded Planet Labs PBC from a "strong sell" rating to a "hold" rating in a report on Thursday, July 2nd. Wedbush began coverage on Planet Labs PBC in a research report on Wednesday, July 1st. They issued an "outperform" rating and a $50.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $36.00 price objective on shares of Planet Labs PBC in a research report on Monday, June 15th. Six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Planet Labs PBC has an average rating of "Hold" and an average target price of $35.36.

Planet Labs PBC Stock Down 0.5%

The firm has a market capitalization of $7.97 billion, a P/E ratio of -19.62 and a beta of 2.06. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.78 and a current ratio of 2.81. The firm's 50-day moving average is $34.81 and its 200 day moving average is $30.63.

Planet Labs PBC (NYSE:PL - Get Free Report) last released its earnings results on Thursday, June 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.04) by $0.01. The firm had revenue of $94.15 million during the quarter, compared to analysts' expectations of $90.39 million. Planet Labs PBC had a negative return on equity of 105.29% and a negative net margin of 111.17%.The business's revenue for the quarter was up 42.1% on a year-over-year basis. As a group, equities research analysts predict that Planet Labs PBC will post -0.92 EPS for the current fiscal year.

Insider Transactions at Planet Labs PBC

In other Planet Labs PBC news, insider Robert H. Schingler sold 64,593 shares of the company's stock in a transaction that occurred on Friday, July 10th. The stock was sold at an average price of $25.92, for a total transaction of $1,674,250.56. Following the completion of the transaction, the insider owned 825,541 shares of the company's stock, valued at $21,398,022.72. This represents a 7.26% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John W. Raymond sold 6,494 shares of the firm's stock in a transaction that occurred on Monday, July 13th. The stock was sold at an average price of $26.16, for a total transaction of $169,883.04. Following the transaction, the director directly owned 37,114 shares of the company's stock, valued at $970,902.24. This represents a 14.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 96,087 shares of company stock valued at $2,492,134. 16.42% of the stock is owned by corporate insiders.

Institutional Trading of Planet Labs PBC

A number of institutional investors have recently made changes to their positions in PL. American Capital Advisory LLC bought a new position in Planet Labs PBC in the first quarter valued at $28,000. Western Wealth Management LLC bought a new stake in Planet Labs PBC during the 1st quarter worth about $28,000. Parkside Financial Bank & Trust boosted its stake in shares of Planet Labs PBC by 92.5% during the 4th 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 last quarter. Baillie Gifford & Co. acquired a new position in shares of Planet Labs PBC during the 4th quarter worth about $32,000. Finally, Pittenger & Anderson Inc. grew its holdings in shares of Planet Labs PBC by 40.9% in 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 in the last quarter. 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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