Planet Labs PBC (NYSE:PL) shares are trading down on Monday afternoon as space stocks remain volatile ahead of a widely anticipated SpaceX IPO, leaving PL under pressure in recent sessions.
- Planet Labs stock is under selling pressure. Why is PL stock trading lower?
What’s Driving Planet Labs Stock Lower?
The recent reversal across space names is hitting Planet Labs alongside Rocket Lab and Virgin Galactic after a strong run tied to SpaceX IPO excitement.
In Planet Labs’ case, the stock has retreated to about $32 from this month’s $51 high, and the slide accelerated after last week’s financial results.
Space-stock weakness provides a benchmark for Planet Labs because the trade has been moving as a single SpaceX IPO basket: Rocket Lab is down 27% from its highest point this year, while Virgin Galactic fell to $4.38, down 52% from its highest point this month. Planet Labs has been pulled into that same unwind as its valuation compressed to $11.5 billion from $18.4 billion.
Last week, Planet Labs reported strong top-line growth, with revenue jumping 42% to $94.2 million and its backlog surging 72% to $906 million. Looking ahead, management expects second-quarter revenue to range between $102 million and $107 million, alongside projected capital expenditures of $21 million to $27 million.
Planet Labs’ quarter also showed adjusted EBITDA was a $1 million loss, reinforcing that the market is still debating how quickly operating leverage arrives after the run-up. The company’s first quarter print included a three-cent adjusted loss on $94.15 million revenue versus $89.85 million expected.
Critical Price Levels To Watch For PL
From a longer-term trend view, Planet Labs is still up 441% over the past 12 months, but the chart is in a digestion phase after May’s swing high and the 52-week high at $51.76. The stock is now trading 27.9% below its 20-day SMA and 18.5% below its 50-day SMA, which indicates the near-term trend has cooled even though the 200-day trend remains constructive (price is 38.4% above the 200-day SMA).
Momentum is the key tell right now: MACD is below its signal line and the histogram is negative, which points to fading upside pressure unless buyers can reclaim that baseline. That lines up with the stock sitting just 2% below its 100-day SMA, a spot where trend traders often look for either a bounce that restarts the uptrend or a breakdown that confirms a deeper reset.
- Key Resistance: $37 — Round-number area that also sits near the 50-day moving-average zone, where rebounds can stall
- Key Support: $26.50 — Nearby prior demand area that lines up with a “last line” support zone before the March swing-low area comes back into focus
PL Stock Price Movement On Monday
PL Stock Price Activity: Planet Labs shares closed Monday up 1.61% at $32.74, according to Benzinga Pro data.
Image: Shutterstock
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