On September 3, Planet Labs Pbc fell 5.15% in regular trading, trading around $18.97/share, with turnover of approximately $82.47 million, a significant increase in volume compared to the prior session.

The decline came ahead of the company's quarterly earnings report scheduled for release after market close on September 3, with consensus EPS expected at -$0.18. Investors appeared to take profits ahead of the release, fully erasing the previous session's 5.24% rally to $20.26 that was driven by Berenberg Bank initiating coverage with a Buy rating and a $25 price target. According to FactSet, the analyst consensus rating on the stock is Overweight with a mean target price of $41, well above current levels.

Separately, the company announced a seven-figure, one-year contract with a European defense and intelligence client to supply proprietary mosaic imagery and customized advisory services supporting operational planning. However, the contract news failed to offset selling pressure. In addition, the company's Tanager-2 satellite and 18 SuperDove satellites have arrived at Vandenberg Space Force Base ahead of a SpaceX Transporter-18 rideshare launch, with Tanager-2 expected to double hyperspectral capacity and halve methane detection revisit times.

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