Planet Labs PBC (NYSE:PL) Trading Down 7% – What’s Next?

Planet Labs PBC (NYSE:PL) was down 7% on Tuesday . The stock traded as low as $28.54 and last traded at $28.7050. Approximately 6,173,802 shares traded hands during mid-day trading, a decline of 55% from the average daily volume of 13,690,775 shares. The stock had previously closed at $30.86.

Analysts Set New Price Targets

Several analysts recently commented on PL shares. Needham & Company LLC boosted their price target on Planet Labs PBC from $40.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, June 5th. Wedbush started coverage on shares of Planet Labs PBC in a research note on Wednesday, July 1st. They set an “outperform” rating and a $50.00 target price on the stock. Morgan Stanley upped their target price on shares of Planet Labs PBC from $26.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, March 25th. Weiss Ratings upgraded shares of Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 15th. Finally, Cantor Fitzgerald raised their price target on shares of Planet Labs PBC from $20.00 to $40.00 and gave the stock an “overweight” rating in a research note on Friday, March 20th. Six investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $35.11.

Planet Labs PBC Price Performance

The stock has a 50 day simple moving average of $36.75 and a two-hundred day simple moving average of $30.24. The company has a market cap of $10.23 billion, a price-to-earnings ratio of -25.18 and a beta of 2.06. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.81 and a quick ratio of 2.78.

Planet Labs PBC (NYSE:PL) last issued its earnings results on Thursday, June 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $94.15 million during the quarter, compared to analysts’ expectations of $90.39 million. Planet Labs PBC’s revenue was up 42.1% on a year-over-year basis. On average, equities research analysts predict that Planet Labs PBC will post -0.65 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Planet Labs PBC

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Planet Labs PBC by 4.3% in the 4th quarter. Vanguard Group Inc. now owns 19,358,515 shares of the company’s stock valued at $381,750,000 after purchasing an additional 806,818 shares during the last quarter. Canada Pension Plan Investment Board increased its holdings in shares of Planet Labs PBC by 0.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 7,820,400 shares of the company’s stock worth $47,704,000 after buying an additional 20,400 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of Planet Labs PBC by 320.3% during the 4th quarter. Van ECK Associates Corp now owns 7,678,938 shares of the company’s stock worth $151,429,000 after buying an additional 5,851,758 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Planet Labs PBC by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 5,702,642 shares of the company’s stock valued at $112,475,000 after buying an additional 71,381 shares during the period. Finally, Goldman Sachs Group Inc. raised its position in shares of Planet Labs PBC by 7.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 4,137,871 shares of the company’s stock valued at $81,599,000 after buying an additional 301,757 shares during the period. 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.