Planet Labs PBC (NYSE:PL) shares are trading lower Friday after the company reported first-quarter financial results on Thursday after the market closed. The company also filed a prospectus for a common stock offering of up to $1.5 billion shares.
- Planet Labs shares are retreating from recent levels. What’s pressuring PL stock?
Q1 Highlights
Planet Labs reported an adjusted loss of 3 cents per share, beating the consensus estimate of a 4 cent-loss. In addition, it posted revenue of $94.15 million, beating the consensus estimate of $89.85 million and representing a 42% year-over-year increase.
The company reported remaining performance obligations of $816 million, up 81% year over year, and a backlog of more than $906 million, up 72% year over year — giving management what it called “excellent visibility and predictability” into future growth.
On the balance sheet, Planet redeemed its outstanding public warrants, generating approximately $108 million in proceeds. The company ended the quarter with $731 million in cash, cash equivalents, and short-term investments, a 223% increase year over year.
Operationally, Planet successfully launched three Pelican satellites during the quarter, including Sweden’s first sovereign reconnaissance satellite, just four months after contract signing.
“Planet’s excellent start to the year is a testament to the mission-critical nature of our data in an increasingly complex world,” said CEO Will Marshall.
Guidance
Planet Labs raised its fiscal-year 2027 revenue guidance from between $415.00 million and $440.00 million to between $425.00 million and $441.00 million, versus the consensus estimate of $425.10 million.
Planet Labs sees revenue of $102.00 million to $107.00 million, versus the consensus estimate of $101.08 million.
Near-Term Reset Tests the Bull Case
The bigger-picture trend is still up, but the stock is in a near-term reset: it’s trading 6.5% below its 20-day SMA ($43.87) while still holding 5.8% above its 50-day SMA ($38.75). That “below the 20-day, above the 50-day” posture often acts like a battleground where dip-buyers and profit-takers fight for control.
RSI is at 51.37, which is basically neutral and suggests the stock isn’t stretched in either direction right now. In plain English, RSI helps gauge whether recent buying or selling has become overheated; here, it’s saying momentum has cooled from the May overbought condition back toward a more balanced range.
From a structure standpoint, Planet Labs remains in a bullish long-term configuration with the 20-day SMA above the 50-day SMA and the 50-day SMA above the 200-day SMA ($22.66). The risk is that continued weakness keeps price pinned under the 20-day area, turning recent May strength (including the 52-week high) into overhead supply.
- Key Resistance: $41.50 — a nearby pivot area where rebounds can stall, sitting close to the current premarket zone
- Key Support: $38.00 — a nearby level that lines up closely with the 50-day SMA area, a common “trend support” zone in pullbacks
Analyst Consensus & Recent Actions
The stock carries a Buy rating with an average price target of $35.50. Recent analyst moves include:
- Needham: Buy (Raises Target to $53.00) (June 5)
Planet Labs Shares Fall
PL Price Action: At the time of publication, Planet Labs shares are trading 7.60% lower at $40.22, according to data from Benzinga Pro.
Image via Shutterstock
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