Planet Labs PBC (NYSE:PL) Trading Down 4.2% – Should You Sell?

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

Analyst Upgrades and Downgrades

A number of research firms recently commented on PL. Weiss Ratings upgraded Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 15th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $22.00 price objective on shares of Planet Labs PBC in a research report on Thursday, June 11th. Cantor Fitzgerald increased their target price on Planet Labs PBC from $20.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, March 20th. Needham & Company LLC raised their target price on Planet Labs PBC from $40.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, June 5th. Finally, Wedbush initiated coverage on Planet Labs PBC in a report on Wednesday, July 1st. They issued an “outperform” rating and a $50.00 price target for the company. Six analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $35.11.

Planet Labs PBC Trading Down 4.2%

The company has a quick ratio of 2.78, a current ratio of 2.81 and a debt-to-equity ratio of 1.01. The business’s fifty day moving average is $36.15 and its two-hundred day moving average is $30.42. The firm has a market cap of $9.29 billion, a price-to-earnings ratio of -22.87 and a beta of 2.06.

Planet Labs PBC (NYSE:PL) last posted its quarterly earnings data 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. The firm 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 company’s quarterly revenue was up 42.1% on a year-over-year basis. Equities analysts anticipate that Planet Labs PBC will post -0.92 earnings per share for the current fiscal year.

Institutional Trading of Planet Labs PBC

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. American Capital Advisory LLC acquired a new position in Planet Labs PBC during the 1st quarter valued at about $28,000. Western Wealth Management LLC acquired a new stake in shares of Planet Labs PBC during the 1st quarter worth approximately $28,000. Parkside Financial Bank & Trust raised its stake in shares of Planet Labs PBC by 92.5% during the fourth 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. bought a new stake in shares of Planet Labs PBC during the fourth quarter worth approximately $32,000. Finally, Pittenger & Anderson Inc. lifted its holdings in Planet Labs PBC by 40.9% in the first quarter. Pittenger & Anderson Inc. now owns 1,360 shares of the company’s stock valued at $38,000 after buying an additional 395 shares during the period. 41.71% of the stock is currently owned by institutional investors and hedge funds.

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.