Planet Labs (PL)

It peaked last May fueled by government contracts, but shares plunged June 5 when they announced a $1.5 billion stock sale right after announcing a great quarter. It lost more ground after SpaceX debuted. Is down 45% in the past 3 months. At the peak, it traded at 40x sales, now at 14x sales. Last month, they reported a top and bottom line beat with 58% revenue growth, defence/intelligence 90%, commercial revenues over 15% and civil government 5%. They reported a modest profit. Commercial opportunities are there, but uptick has been very slow. Guidance this quarter is light, too. They raised their full-year guidance. Google is a partner and a stake worth $1,17 billion. But PL raised its capex to develop more satellites. He likes PL--for the long haul only.