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

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

A number of other equities analysts have also issued reports on PL. Northland Securities set a $28.00 target price on shares of Planet Labs PBC in a research report on Tuesday, January 13th. Zacks Research upgraded shares of Planet Labs PBC from a “strong sell” rating to a “hold” rating in a research report on Friday, February 13th. Wedbush upped their target price on shares of Planet Labs PBC from $40.00 to $50.00 and gave the stock an “outperform” rating in a research report on Thursday. The Goldman Sachs Group upped their target price on shares of Planet Labs PBC from $18.00 to $20.00 and gave the stock a “neutral” rating in a research report on Monday, April 20th. Finally, Deutsche Bank Aktiengesellschaft set a $38.00 price objective on shares of Planet Labs PBC and gave the company a “buy” rating in a report on Friday, March 27th. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Planet Labs PBC currently has an average rating of “Hold” and an average target price of $30.61.

Planet Labs PBC Price Performance

Shares of PL stock opened at $43.14 on Wednesday. Planet Labs PBC has a 1 year low of $3.47 and a 1 year high of $43.45. The firm’s 50 day moving average is $33.33 and its 200-day moving average is $24.14. The firm has a market capitalization of $14.93 billion, a price-to-earnings ratio of -55.31 and a beta of 1.91. 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 Buying and Selling at Planet Labs PBC

In other Planet Labs PBC news, CFO Ashley F. Johnson sold 200,000 shares of the stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $35.10, for a total value of $7,020,000.00. Following the sale, the chief financial officer directly owned 1,895,162 shares in the company, valued at approximately $66,520,186.20. This trade represents a 9.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Robert H. Schingler sold 73,683 shares of the stock in a transaction 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 completion of the sale, the insider owned 256,488 shares in the company, valued at approximately $8,995,034.16. This trade represents 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. Company insiders own 17.53% of the company’s stock.

Institutional Investors Weigh In On Planet Labs PBC

Several hedge funds have recently bought and sold shares of PL. AQR Capital Management LLC raised its holdings in Planet Labs PBC by 671.1% in the first quarter. AQR Capital Management LLC now owns 92,693 shares of the company’s stock worth $313,000 after purchasing an additional 80,672 shares during the period. Integrated Wealth Concepts LLC acquired a new stake in Planet Labs PBC in the first quarter worth $189,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Planet Labs PBC by 6.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 130,798 shares of the company’s stock worth $442,000 after acquiring an additional 8,143 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Planet Labs PBC by 54.3% during the first quarter. Goldman Sachs Group Inc. now owns 1,856,245 shares of the company’s stock worth $6,274,000 after acquiring an additional 653,173 shares in the last quarter. Finally, Thompson Davis & CO. Inc. bought a new stake in shares of Planet Labs PBC during the second quarter worth $121,000. 41.71% of the stock is currently owned by institutional investors and hedge funds.

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.