Is Planet Labs PBC overvalued or undervalued?

As of 31 March 2022, the valuation grade for Planet Labs PBC moved from does not qualify to risky, indicating increased caution regarding its valuation. The company appears to be overvalued, given its high Price to Book Value of 3.98 and negative EV to EBIT and EV to EBITDA ratios of -17.39 and -34.09, respectively. Additionally, the latest ROCE and ROE figures are concerning at -40.30% and -19.10%, highlighting operational inefficiencies.
In comparison to its peers, Planet Labs PBC's valuation metrics are significantly worse; for instance, Pagaya Technologies Ltd. has a P/E ratio of 71.76, while Couchbase, Inc. shows a less negative EV to EBITDA of -15.94. The company's stock has performed exceptionally well recently, with a year-to-date return of 162.62% compared to the S&P 500's 12.22%, suggesting that market sentiment may not fully reflect the underlying valuation concerns.