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

Zacks Research downgraded shares of Planet Labs PBC (NYSE:PL) from a hold rating to a strong sell rating in a research report released on Tuesday,Zacks.com reports.

Several other equities analysts also recently weighed in on PL. Needham & Company LLC lifted their target price on Planet Labs PBC to $40.00 and gave the company a “buy” rating in a research report on Friday, March 20th. Wedbush boosted their price target on shares of Planet Labs PBC from $40.00 to $50.00 and gave the stock an “outperform” rating in a research note on Thursday, May 14th. Weiss Ratings upgraded shares of Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday. Deutsche Bank Aktiengesellschaft set a $38.00 price target on shares of Planet Labs PBC and gave the stock a “buy” rating in a research note on Friday, March 27th. Finally, The Goldman Sachs Group boosted their price target on shares of Planet Labs PBC from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Monday, April 20th. Six research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $30.61.

Planet Labs PBC Stock Up 2.5%

Shares of PL opened at $42.65 on Tuesday. The firm has a market cap of $14.76 billion, a P/E ratio of -54.67 and a beta of 1.91. Planet Labs PBC has a 12-month low of $3.47 and a 12-month high of $45.78. The company’s 50-day moving average price is $34.64 and its 200 day moving average price is $24.96. The company has a current ratio of 1.65, a quick ratio of 1.64 and a debt-to-equity ratio of 2.37.

Insider Transactions at Planet Labs PBC

In other Planet Labs PBC news, CFO Ashley F. Johnson sold 200,000 shares of the business’s stock in a transaction dated Thursday, April 2nd. The shares were 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Robert H. Schingler sold 73,683 shares of the company’s stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $35.07, for a total transaction of $2,584,062.81. Following the sale, the insider owned 256,488 shares in the company, valued at $8,995,034.16. The trade was a 22.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 17.53% of the stock is owned by corporate insiders.

Institutional Trading of Planet Labs PBC

A number of large investors have recently made changes to their positions in PL. Van ECK Associates Corp increased its stake in shares of 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 period. Barclays PLC increased its stake in shares of 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 period. Invesco Ltd. increased its stake in shares of 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 period. Two Sigma Investments LP increased its stake in shares of 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 period. Finally, Vanguard Group Inc. increased its stake in shares of 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 period. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

About Planet Labs PBC

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.