Planet Labs Stock Has Quickly Fallen 40%. Time to Buy the Dip?
Investors were likely not pleased with the company's large net loss.
Planet Labs Stock Has Quickly Fallen 40%. Time to Buy the Dip?
Overview
Shares of Planet Labs (NYSE: PL) have fallen over 40% this past month, dropping from an all-time high of about $51 in May to around $28.
The main reason for the space stock's sudden slump has less to do with the company's own financials and more to do with space-focused investors rotating capital out of existing satellite and data companies, such as Planet Labs, and into Space Exploration Technologies, or SpaceX, at its initial public offering (IPO).
The other reason concerns Planet Labs' financials. It reported first-quarter fiscal 2027 earnings on June 4. While revenue was up 42% year over year to $94.2 million and the company grew its backlog to $906 million, up 72% over the same quarter a year ago, it posted a large net loss.
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Originally published at www.fool.com.
