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

Planet Labs PBC (NYSE:PL) was downgraded by research 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 equities research analysts also recently commented on the company. National Bankshares set a $12.30 price objective on Planet Labs PBC in a research report on Tuesday, December 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Planet Labs PBC in a research report on Wednesday, October 8th. Needham & Company LLC increased their price target on shares of Planet Labs PBC from $16.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Citigroup started coverage on shares of Planet Labs PBC in a report on Thursday, December 11th. They issued a “buy” rating and a $19.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on Planet Labs PBC from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Eight research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $14.74.

Planet Labs PBC Trading Up 0.6%

Shares of PL stock opened at $20.72 on Monday. The stock has a market cap of $6.50 billion, a P/E ratio of -49.33 and a beta of 2.00. The company has a quick ratio of 4.00, a current ratio of 4.00 and a debt-to-equity ratio of 1.28. Planet Labs PBC has a fifty-two week low of $2.79 and a fifty-two week high of $20.99. The business has a fifty day simple moving average of $13.59 and a 200-day simple moving average of $10.04.

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

Insiders Place Their Bets

In related news, insider Robert H. Schingler sold 81,656 shares of Planet Labs PBC stock in a transaction on Monday, October 13th. The shares were sold at an average price of $15.50, for a total transaction of $1,265,668.00. Following the sale, the insider owned 1,288,843 shares of the company’s stock, valued at $19,977,066.50. The trade was a 5.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 17.53% of the company’s stock.

Institutional Trading of Planet Labs PBC

A number of hedge funds and other institutional investors have recently modified their holdings of PL. Barclays PLC boosted its holdings in Planet Labs PBC by 758.1% in the third quarter. Barclays PLC now owns 3,727,743 shares of the company’s stock valued at $48,386,000 after purchasing an additional 3,293,333 shares during the last quarter. Invesco Ltd. increased its holdings in Planet Labs PBC by 265.6% during the 3rd quarter. Invesco Ltd. now owns 3,450,479 shares of the company’s stock worth $44,787,000 after purchasing an additional 2,506,595 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Planet Labs PBC by 245.7% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,453,131 shares of the company’s stock valued at $14,964,000 after purchasing an additional 1,743,474 shares in the last quarter. Two Sigma Investments LP boosted its stake in shares of Planet Labs PBC by 257.5% during the 3rd quarter. Two Sigma Investments LP now owns 2,362,275 shares of the company’s stock valued at $30,662,000 after buying an additional 1,701,535 shares during the last quarter. Finally, Vanguard Group Inc. grew its position 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 in the last quarter. 41.71% of the stock is owned by hedge funds and other 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.