Planet Labs PBC (NYSE:PL) Stock Price Down 4.2% - Time to Sell?

Key Points

• Planet Labs PBC shares fell 4.2% on Friday, trading as low as $25.32 before ending near $26.07, with volume well below its daily average.
• Despite the pullback, Wall Street sentiment is mixed but not bearish: the stock carries a Hold consensus rating, with an average price target of $35.11 and several firms recently raising targets as high as $50.
• The company’s latest earnings beat expectations, reporting a smaller-than-expected loss and 42.1% revenue growth year over year, though it still has negative profitability metrics and analysts expect a loss for the current fiscal year.

Shares of Planet Labs PBC (NYSE:PL - Get Free Report) fell 4.2% on Friday . The stock traded as low as $25.32 and last traded at $26.0710. 7,199,935 shares were traded during trading, a decline of 47% from the average daily volume of 13,562,621 shares. The stock had previously closed at $27.20.

Wall Street Analyst Weigh In

Several equities research analysts have commented on PL shares. Morgan Stanley boosted their price target on shares of 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. Northland Securities set a $50.00 price objective on shares of Planet Labs PBC in a research report on Friday, June 5th. Wedbush assumed coverage on shares of Planet Labs PBC in a report on Wednesday, July 1st. They issued an "outperform" rating and a $50.00 target price on the stock. The Goldman Sachs Group reiterated a "neutral" rating and issued a $22.00 target price on shares of Planet Labs PBC in a report on Thursday, June 11th. Finally, Cantor Fitzgerald raised their target price on shares of Planet Labs PBC from $20.00 to $40.00 and gave the stock an "overweight" rating in a 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, Planet Labs PBC has a consensus rating of "Hold" and an average target price of $35.11.

Planet Labs PBC Price Performance

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 stock has a 50-day simple moving average of $36.31 and a 200 day simple moving average of $30.45. The stock has a market capitalization of $9.29 billion, a price-to-earnings ratio of -22.87 and a beta of 2.06.

Planet Labs PBC (NYSE:PL - Get Free Report) last issued its earnings results 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. The company had revenue of $94.15 million for the quarter, compared to the consensus estimate 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 quarterly revenue was up 42.1% compared to the same quarter last year. On average, equities research analysts forecast that Planet Labs PBC will post -0.92 EPS for the current fiscal year.

Institutional Investors Weigh In On Planet Labs PBC

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC boosted its stake in shares of Planet Labs PBC by 671.1% during the 1st quarter. AQR Capital Management LLC now owns 92,693 shares of the company's stock valued at $313,000 after buying an additional 80,672 shares during the period. Integrated Wealth Concepts LLC acquired a new position in shares of Planet Labs PBC in the first quarter worth $189,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Planet Labs PBC by 6.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 130,798 shares of the company's stock worth $442,000 after acquiring an additional 8,143 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Planet Labs PBC by 54.3% during the first quarter. Goldman Sachs Group Inc. now owns 1,856,245 shares of the company's stock worth $6,274,000 after acquiring an additional 653,173 shares in the last quarter. Finally, Thompson Davis & CO. Inc. purchased a new stake in shares of Planet Labs PBC during the second quarter worth $121,000. 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.

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