Planet Labs PBC (NYSE:PL) Trading Down 6.1% - Here's Why

Key Points

• Planet Labs PBC shares fell 6.1% on Friday, trading well below average volume and hitting an intraday low of $20.98.
• Recent analyst views were mixed: Deutsche Bank and Needham kept bullish ratings, while Goldman Sachs and New Street were more cautious; the consensus rating is Hold with a $35.36 target price.
• The company’s latest earnings beat expectations with revenue up 42.1% year over year, but it still posted a small loss and negative margins, while insiders also sold shares in recent transactions.

Shares of Planet Labs PBC (NYSE:PL - Get Free Report) were down 6.1% during trading on Friday . The company traded as low as $20.98 and last traded at $20.99. 672,694 shares traded hands during trading, a decline of 95% from the average session volume of 13,106,976 shares. The stock had previously closed at $22.36.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $36.00 price objective on shares of Planet Labs PBC in a research note on Monday, June 15th. The Goldman Sachs Group raised their price target on Planet Labs PBC from $22.00 to $25.00 and gave the stock a "neutral" rating in a report on Tuesday, July 14th. New Street Research began coverage on Planet Labs PBC in a research report on Wednesday, May 13th. They issued a "sell" rating and a $28.00 price target for the company. Weiss Ratings upgraded Planet Labs PBC from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Monday, June 15th. Finally, Needham & Company LLC increased their price objective on Planet Labs PBC from $40.00 to $53.00 and gave the stock a "buy" rating in a report on Friday, June 5th. Six equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $35.36.

Planet Labs PBC Stock Down 8.3%

The stock's fifty day moving average is $33.29 and its two-hundred day moving average is $30.71. 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 firm has a market cap of $7.30 billion, a P/E ratio of -17.98 and a beta of 2.06.

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

Insider Activity

In other news, insider Robert H. Schingler sold 64,593 shares of Planet Labs PBC stock in a transaction dated 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 sale, the insider owned 825,541 shares in the company, valued at approximately $21,398,022.72. This trade represents a 7.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John W. Raymond sold 6,494 shares of the company'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 completion of the transaction, the director owned 37,114 shares in the company, valued at approximately $970,902.24. This trade represents a 14.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 96,087 shares of company stock valued at $2,492,134. 16.42% of the stock is owned by company insiders.

Hedge Funds Weigh In On Planet Labs PBC

Hedge funds and other institutional investors have recently bought and sold shares of the stock. AQR Capital Management LLC raised its position 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 in the last quarter. Integrated Wealth Concepts LLC bought a new position in Planet Labs PBC in the first quarter valued at $189,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Planet Labs PBC by 6.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 130,798 shares of the company's stock valued at $442,000 after purchasing an additional 8,143 shares in the last quarter. Goldman Sachs Group Inc. raised its position in 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 valued at $6,274,000 after purchasing an additional 653,173 shares in the last quarter. Finally, Thompson Davis & CO. Inc. bought a new stake in Planet Labs PBC during the second quarter worth about $121,000. 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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