Planet Labs PBC (NYSE:PL) Rating Lowered to Strong Sell at Zacks Research

Planet Labs PBC (NYSE:PL) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Tuesday,Zacks.com reports.

Several other research firms have also recently weighed in on PL. Wedbush increased their price objective on Planet Labs PBC from $40.00 to $50.00 and gave the stock an “outperform” rating in a report on Thursday, May 14th. Weiss Ratings upgraded Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday. Needham & Company LLC raised their target price on Planet Labs PBC to $40.00 and gave the company a “buy” rating in a research note on Friday, March 20th. Deutsche Bank Aktiengesellschaft set a $38.00 target price on Planet Labs PBC and gave the company a “buy” rating in a research note on Friday, March 27th. Finally, Morgan Stanley raised their target price on Planet Labs PBC from $26.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, March 25th. Six analysts have rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $30.61.

Planet Labs PBC Trading Up 2.5%

NYSE PL opened at $42.65 on Tuesday. Planet Labs PBC has a fifty-two week low of $3.47 and a fifty-two week high of $45.78. The company has a debt-to-equity ratio of 2.37, a quick ratio of 1.64 and a current ratio of 1.65. The stock has a 50 day simple moving average of $34.64 and a two-hundred day simple moving average of $24.96. The stock has a market cap of $14.76 billion, a P/E ratio of -54.67 and a beta of 1.91.

Insider Buying and Selling

In other news, CFO Ashley F. Johnson sold 200,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $35.10, for a total value of $7,020,000.00. Following the completion of the transaction, the chief financial officer owned 1,895,162 shares in the company, valued at $66,520,186.20. This trade represents a 9.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Robert H. Schingler sold 73,683 shares of Planet Labs PBC stock in a transaction on Monday, April 6th. The shares were sold at an average price of $35.07, for a total value of $2,584,062.81. Following the transaction, the insider owned 256,488 shares of the company’s stock, valued at $8,995,034.16. The trade was a 22.32% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 17.53% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PL. American Capital Advisory LLC purchased a new position in Planet Labs PBC during the first quarter valued at $28,000. Western Wealth Management LLC purchased a new position in Planet Labs PBC during the first quarter valued at $28,000. Parkside Financial Bank & Trust raised its stake in Planet Labs PBC by 92.5% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company’s stock valued at $31,000 after buying an additional 745 shares during the last quarter. MCF Advisors LLC purchased a new position in Planet Labs PBC during the third quarter valued at $32,000. Finally, Baillie Gifford & Co. purchased a new position in Planet Labs PBC during the fourth quarter valued at $32,000. Hedge funds and other institutional investors own 41.71% of the company’s stock.

Planet Labs PBC Company Profile

Planet Labs PBC is a public benefit corporation that operates one of the largest fleets of Earth-imaging satellites, providing high-frequency, high-resolution imagery and data analytics to a broad range of industries. The company’s multi-spectral satellite constellation captures daily snapshots of the planet, enabling clients to monitor changes in agriculture, forestry, urban development, energy infrastructure and environmental conditions. Planet’s imagery platform is designed to support timely decision-making by transforming raw satellite data into actionable insights for business and government users.

Founded in 2010 by former NASA scientists Will Marshall, Robbie Schingler and Chris Boshuizen, Planet Labs grew from a small startup into a key provider in the satellite imaging sector.