Zacks Research Downgrades Planet Labs PBC (NYSE:PL) to Strong Sell

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

A number of other research firms have also commented on PL. Needham & Company LLC lifted their price target on shares of Planet Labs PBC from $16.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. Northland Securities set a $17.00 target price on shares of Planet Labs PBC in a report on Thursday, December 11th. Morgan Stanley increased their target price on Planet Labs PBC from $4.50 to $20.00 and gave the company an “equal weight” rating in a research note on Friday, December 12th. The Goldman Sachs Group reaffirmed a “neutral” rating on shares of Planet Labs PBC in a research report on Tuesday, December 16th. Finally, JMP Securities reissued a “market perform” rating on shares of Planet Labs PBC in a report on Tuesday, October 21st. Eight equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Planet Labs PBC has an average rating of “Hold” and a consensus price target of $14.74.

Planet Labs PBC Trading Up 0.6%

NYSE:PL opened at $20.72 on Monday. The stock’s 50-day moving average is $13.59 and its two-hundred day moving average is $10.04. The company has a debt-to-equity ratio of 1.28, a current ratio of 4.00 and a quick ratio of 4.00. The stock has a market cap of $6.50 billion, a PE ratio of -49.33 and a beta of 2.00. Planet Labs PBC has a fifty-two week low of $2.79 and a fifty-two week high of $20.99.

Planet Labs PBC (NYSE:PL) last announced its quarterly earnings data on Wednesday, December 10th. The company reported ($0.19) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.17). Planet Labs PBC had a negative net margin of 45.87% and a negative return on equity of 31.01%. The company had revenue of $81.25 million for the quarter, compared to analysts’ expectations of $72.02 million. The firm’s revenue was up 32.6% compared to the same quarter last year. As a group, equities research analysts forecast that Planet Labs PBC will post -0.37 earnings per share for the current fiscal year.

Insider Transactions at Planet Labs PBC

In other news, insider Robert H. Schingler sold 81,656 shares of the business’s stock in a transaction on Monday, October 13th. The shares were sold at an average price of $15.50, for a total value of $1,265,668.00. Following the sale, the insider owned 1,288,843 shares in the company, valued at approximately $19,977,066.50. The trade was a 5.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 17.53% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. MCF Advisors LLC acquired a new position in Planet Labs PBC during the 3rd quarter worth about $32,000. Iron Gate Global Advisors LLC bought a new position in shares of Planet Labs PBC in the first quarter worth about $36,000. HighTower Advisors LLC acquired a new position in shares of Planet Labs PBC during the first quarter worth approximately $37,000. Larson Financial Group LLC bought a new stake in shares of Planet Labs PBC during the third quarter valued at approximately $39,000. Finally, Jones Financial Companies Lllp grew its stake in shares of Planet Labs PBC by 59.3% during the third quarter. Jones Financial Companies Lllp now owns 3,591 shares of the company’s stock valued at $44,000 after purchasing an additional 1,337 shares during the last quarter. 41.71% of the stock is owned by institutional investors.

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.