On June 18, Planet Labs fell 5.1% in regular trading, trading at $27.05/share, with turnover of $98.65 million.

On the news front, the company previously announced a $1.5 billion at-the-market (ATM) equity offering plan that continues to weigh on valuation, with market concerns over share dilution remaining unresolved. Additionally, the SpaceX IPO is reportedly drawing capital away from the broader space sector, adding further selling pressure on Planet Labs.

Morgan Stanley previously noted in a research report that the ATM offering plan is the primary driver behind recent share price weakness, maintaining a target price of $35. Despite Q1 revenue of $94.2 million representing 42% year-over-year growth that beat expectations, GAAP net loss widened to $138.9 million due to warrant revaluation. The stock has now declined significantly from its June 5 levels as profit-taking intensifies amid elevated valuation multiples.

Planet Labs is a global leader in daily satellite imagery and geospatial solutions, operating the largest Earth observation satellite fleet and serving over 700 customers with data and software solutions.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)