Planet Labs PBC (NYSE:PL) Trading Down 8.3% - Here's What Happened

Key Points

• Planet Labs PBC shares fell 8.3% on Wednesday, trading as low as $25.54 before closing at $26.17, below the prior close of $28.53.
• Despite the stock drop, the company’s latest earnings beat expectations: it reported EPS of -$0.03 versus the -$0.04 consensus and revenue of $94.15 million, up 42.1% year over year.
• Analyst sentiment remains mixed, with a Hold average rating and a $35.11 average price target, while several insiders recently sold shares and institutional ownership stands at 41.71%.

Planet Labs PBC (NYSE:PL - Get Free Report)'s share price dropped 8.3% during trading on Wednesday . The stock traded as low as $25.54 and last traded at $26.1730. 12,315,521 shares were traded during mid-day trading, a decline of 9% from the average daily volume of 13,567,072 shares. The stock had previously closed at $28.53.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Citigroup increased their target price on Planet Labs PBC from $30.00 to $35.00 and gave the stock a "buy" rating in a research note on Thursday, April 2nd. Northland Securities set a $50.00 price objective on Planet Labs PBC in a report on Friday, June 5th. The Goldman Sachs Group reiterated a "neutral" rating and set a $22.00 price objective on shares of Planet Labs PBC in a research report on Thursday, June 11th. New Street Research began coverage on Planet Labs PBC in a report on Wednesday, May 13th. They set a "sell" rating and a $28.00 target price for the company. Finally, Wedbush reissued an "outperform" rating and issued a $50.00 target price on shares of Planet Labs PBC in a research report on Friday, June 5th. Six analysts have rated the stock with a Buy rating, three have given a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, Planet Labs PBC has an average rating of "Hold" and an average price target of $35.11.

Planet Labs PBC Trading Down 8.3%

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 business's 50-day moving average price is $38.06 and its two-hundred day moving average price is $29.30. The company has a market capitalization of $9.33 billion, a price-to-earnings ratio of -22.96 and a beta of 1.99.

Planet Labs PBC (NYSE:PL - Get Free Report) last issued its quarterly 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. Planet Labs PBC had a negative return on equity of 105.29% and a negative net margin of 111.17%.The business had revenue of $94.15 million for the quarter, compared to the consensus estimate of $90.39 million. The business's quarterly revenue was up 42.1% compared to the same quarter last year. Research analysts predict that Planet Labs PBC will post -0.92 earnings per share for the current year.

Insider Buying and Selling at Planet Labs PBC

In other news, insider Robert H. Schingler sold 73,683 shares of the 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 of the company's stock, valued at approximately $8,995,034.16. This represents a 22.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ashley F. Johnson sold 200,000 shares of the firm's stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $35.10, for a total value of $7,020,000.00. Following the completion of the transaction, the chief financial officer owned 1,895,162 shares in the company, valued at $66,520,186.20. The trade was a 9.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 16.42% of the company's stock.

Hedge Funds Weigh In On Planet Labs PBC

Hedge funds have recently bought and sold shares of the company. AQR Capital Management LLC raised its position in shares of Planet Labs PBC by 671.1% in 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 acquired a new stake in shares of Planet Labs PBC during the 1st quarter worth approximately $189,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in 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 valued at $442,000 after acquiring an additional 8,143 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Planet Labs PBC by 54.3% in the first quarter. Goldman Sachs Group Inc. now owns 1,856,245 shares of the company's stock valued at $6,274,000 after acquiring an additional 653,173 shares during the last quarter. Finally, Thompson Davis & CO. Inc. acquired a new position in Planet Labs PBC during the second quarter valued at approximately $121,000. 41.71% of the stock is owned by institutional investors.

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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