Planet Labs shares slide as $1.5B ATM filing overshadows strong quarter

Planet Labs PBC (PL) is down 25.0% today. Here is some analysis on what might have caused this price movement.

Analysis: The most likely driver is a sudden dilution overhang after Planet filed a new at-the-market equity program for up to $1.5 billion, which can pressure shares even if no stock is sold immediately. The drop also appears to reflect “good-news sell-the-fact” trading following a sharp run-up into earnings and investor focus on the quarter’s large GAAP net loss line.

Details:

Planet reported fiscal Q1 2027 revenue of $94.2 million (up 42% year over year), but posted a GAAP net loss of $138.9 million that included a sizable warrant-liability revaluation loss tied to stock-price appreciation.

Management guided fiscal Q2 2027 revenue to $102–$107 million and full-year fiscal 2027 revenue to $425–$441 million, alongside modest positive adjusted EBITDA guidance.

Planet disclosed an at-the-market equity distribution agreement and related prospectus supplement for up to $1.5 billion of Class A common stock (with optional range forward transactions), creating potential future dilution.

Even without immediate issuance, large ATM authorizations often act as a near-term “cap” on valuations as investors reprice financing risk.

Sources:

Business Wire, SEC

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

$PL Insider Trading Activity

$PL insiders have traded $PL stock on the open market 11 times in the past 6 months. Of those trades, 0 have been purchases and 11 have been sales.

Here’s a breakdown of recent trading of $PL stock by insiders over the last 6 months:

ASHLEY F. JOHNSON (President & CFO) has made 0 purchases and 4 sales selling 350,731 shares for an estimated $11,092,021.
WILLIAM SPENCER MARSHALL (Co-Founder and CEO) has made 0 purchases and 2 sales selling 400,000 shares for an estimated $10,886,360.
ROBERT H SCHINGLER (Co-Founder Chief Strategy Off.) has made 0 purchases and 2 sales selling 147,465 shares for an estimated $4,012,393.
KRISTEN ROBINSON sold 47,835 shares for an estimated $1,289,631
ITA M BRENNAN sold 36,500 shares for an estimated $1,237,579
VIJAYA GADDE sold 20,000 shares for an estimated $535,350

To track insider transactions, check out Quiver Quantitative's insider trading dashboard. You can access data on insider stock transactions through the Quiver Quantitative API insider transaction endpoint.

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$PL Hedge Fund Activity

We have seen 256 institutional investors add shares of $PL stock to their portfolio, and 176 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

AMERICAN CENTURY COMPANIES INC added 5,733,394 shares (+7134.3%) to their portfolio in Q1 2026, for an estimated $160,248,362
BLACKROCK, INC. added 5,235,560 shares (+25.9%) to their portfolio in Q1 2026, for an estimated $146,333,902
ALLIANCEBERNSTEIN L.P. added 3,797,295 shares (+1578.9%) to their portfolio in Q1 2026, for an estimated $106,134,395
D. E. SHAW & CO., INC. added 3,470,024 shares (+54.1%) to their portfolio in Q4 2025, for an estimated $68,428,873
ALPHABET INC. added 3,306,252 shares (+10.4%) to their portfolio in Q1 2026, for an estimated $92,409,743
UBS GROUP AG added 2,835,917 shares (+363.1%) to their portfolio in Q1 2026, for an estimated $79,263,880
LORD, ABBETT & CO. LLC added 2,475,619 shares (+inf%) to their portfolio in Q1 2026, for an estimated $69,193,551

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint.

$PL Analyst Ratings

Wall Street analysts have issued reports on $PL in the last several months. We have seen 3 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

Citigroup issued a "Buy" rating on 01/13/2026
Clear Street issued a "Buy" rating on 12/29/2025
Needham issued a "Buy" rating on 12/11/2025

To track analyst ratings and price targets for $PL, check out Quiver Quantitative's $PL forecast page.

$PL Price Targets

Multiple analysts have issued price targets for $PL recently. We have seen 8 analysts offer price targets for $PL in the last 6 months, with a median target of $35.0.

Here are some recent targets:

Ryan Koontz from Needham set a target price of $53.0 on 06/05/2026
Dan Ives from Wedbush set a target price of $50.0 on 06/05/2026
Anthony Valentini from Goldman Sachs set a target price of $20.0 on 04/20/2026
John Godyn from Citigroup set a target price of $35.0 on 04/02/2026
Kristine Liwag from Morgan Stanley set a target price of $35.0 on 03/25/2026
Colin Canfield from Cantor Fitzgerald set a target price of $40.0 on 03/20/2026
Gregory Pendy from Clear Street set a target price of $34.0 on 03/20/2026

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.