New Street Research Upgrades Planet Labs PBC (NYSE:PL) to “Strong Sell”

Planet Labs PBC (NYSE:PL) was upgraded by New Street Research to a “strong sell” rating in a report issued on Wednesday,Zacks.com reports.

Several other research firms also recently issued reports on PL. Zacks Research upgraded shares of Planet Labs PBC from a “strong sell” rating to a “hold” rating in a report on Friday, February 13th. Weiss Ratings downgraded shares of Planet Labs PBC from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, May 4th. Citigroup boosted their price objective on shares of Planet Labs PBC from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, April 2nd. The Goldman Sachs Group boosted their price objective on shares of Planet Labs PBC from $18.00 to $20.00 and gave the stock a “neutral” rating in a report on Monday, April 20th. Finally, Deutsche Bank Aktiengesellschaft set a $38.00 price objective on shares of Planet Labs PBC and gave the stock a “buy” rating in a report on Friday, March 27th. Six research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $30.61.

Planet Labs PBC Stock Performance

Shares of PL opened at $43.14 on Wednesday. The company has a market capitalization of $14.93 billion, a PE ratio of -55.31 and a beta of 1.91. Planet Labs PBC has a one year low of $3.47 and a one year high of $43.45. The company has a debt-to-equity ratio of 2.37, a current ratio of 1.65 and a quick ratio of 1.64. The company’s fifty day moving average price is $33.33 and its 200 day moving average price is $24.14.

Insiders Place Their Bets

In other Planet Labs PBC news, insider Robert H. Schingler sold 73,683 shares of the company’s stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $35.07, for a total transaction of $2,584,062.81. Following the sale, the insider directly owned 256,488 shares of the company’s stock, valued at approximately $8,995,034.16. This represents a 22.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ashley F. Johnson sold 200,000 shares of the company’s stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $35.10, for a total transaction of $7,020,000.00. Following the sale, the chief financial officer directly owned 1,895,162 shares in the company, valued at $66,520,186.20. This represents a 9.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 17.53% of the stock is currently owned by company insiders.

Institutional Trading of Planet Labs PBC

Several large investors have recently added to or reduced their stakes in PL. Van ECK Associates Corp grew its stake in Planet Labs PBC by 320.3% during the fourth quarter. Van ECK Associates Corp now owns 7,678,938 shares of the company’s stock worth $151,429,000 after buying an additional 5,851,758 shares during the last quarter. Barclays PLC grew its stake in Planet Labs PBC by 758.1% during the third quarter. Barclays PLC now owns 3,727,743 shares of the company’s stock worth $48,386,000 after buying an additional 3,293,333 shares during the last quarter. Invesco Ltd. grew its stake in Planet Labs PBC by 265.6% during the third quarter. Invesco Ltd. now owns 3,450,479 shares of the company’s stock worth $44,787,000 after buying an additional 2,506,595 shares during the last quarter. Two Sigma Investments LP grew its stake in Planet Labs PBC by 257.5% during the third quarter. Two Sigma Investments LP now owns 2,362,275 shares of the company’s stock worth $30,662,000 after buying an additional 1,701,535 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in Planet Labs PBC by 9.7% during the third quarter. Vanguard Group Inc. now owns 18,551,697 shares of the company’s stock worth $240,801,000 after buying an additional 1,637,880 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.