Planet Labs Stock: Competency and Growth

December 30. 2022. 6 mins read

No two themes attract more retail investor interest than space and cannabis. Who doesn’t like watching science fiction movies and taking bong rips? If that’s not your cup of tea, then there’s the potential for alpha on offer, provided you can stomach all the volatility. Recently, we posed the question, Just How Low Can Space Stocks Go? A lot lower, because like any disruptive technology theme, they’ll move in unison with the broader technology market. With the Nasdaq sitting at nearly all-time lows, a slow slide into 2023 is all but expected.

Invesco QQQ is an exchange-traded fund (ETF) that tracks the Nasdaq-100 Index showing a slow slide down
Invesco QQQ is an exchange-traded fund (ETF) that tracks the Nasdaq-100 Index – Credit: Yahoo Finance

If the bear market were to reach the lows seen during the pandemic panic of March 2020, the Nasdaq would need to fall 35% from today’s levels. That’s why we decided to only add shares of Planet (PL) if they fall 50% or more below our cost basis. For those of you who like price targets, that would be $3.45 a share. Given the 52-week low is $3.70 a share, it’s realistic to think that a continuing bear market might

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