Planet Labs PBC (NYSE:PL) shares traded lower Friday morning. This follows an announcement from the satellite data provider regarding its outstanding public warrants.

Mandatory Redemption Details

The company will redeem all outstanding public warrants issued under its March 4, 2021, agreement. The redemption applies to warrants sold during the company’s Initial Public Offering (IPO). The redemption price is set at $0.01 per warrant. This takes effect for any warrants remaining on April 27.

Specific Exercise Terms

Holders can exercise warrants until the April deadline. The exercise price is $11.50 per share of Class A common stock. Unexercised warrants will become void and delisted after the cutoff.

Background on Share Performance

Planet reported fourth quarter revenue of $86.82 million. This surpassed analyst estimates of $78.52 million. Will Marshall, Planet’s co-founder and CEO, noted, “Planet had a transformational year driven by strong momentum in satellite services.”

The company is also expanding its footprint in Berlin to double its “Pelican” fleet production.

Short Interest Data

Short interest in Planet Labs decreased from 37.48 million to 35.18 million shares. This represents approximately 12.44% of the company’s public float. Based on average daily volume, it would take roughly 3.57 days for short sellers to cover their positions.

Technical Analysis

PL is trading 12% above its 20-day simple moving average (SMA) and 47.7% above its 100-day SMA, keeping the intermediate uptrend intact even as the stock digests recent gains.

Shares are up 727.55% over the past 12 months and are currently positioned closer to their 52-week highs than lows.

The RSI is at 60.86, which sits in neutral territory. Meanwhile, MACD is bullish with the MACD line at 2.3271 above the signal line at 1.4987, and the positive histogram (0.8284) suggests upside momentum hasn’t fully broken.

  • Key Resistance: $31.00
  • Key Support: $27.50

PL Stock Price Activity: Planet Labs shares were down 4.58% at $30.91 at the time of publication on Friday, according to Benzinga Pro data.

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