Planet Labs PBC (NYSE:PL) Rating Increased to Strong Sell at New Street Research

New Street Research upgraded shares of Planet Labs PBC (NYSE:PL) to a strong sell rating in a report released on Wednesday,Zacks.com reports.

Several other research firms have also recently commented on PL. Zacks Research raised Planet Labs PBC from a “strong sell” rating to a “hold” rating in a report on Friday, February 13th. Wedbush upped their target price on Planet Labs PBC from $40.00 to $50.00 and gave the company an “outperform” rating in a report on Thursday. Northland Securities set a $28.00 target price on Planet Labs PBC in a research note on Tuesday, January 13th. The Goldman Sachs Group lifted their price target on Planet Labs PBC from $18.00 to $20.00 and gave the stock a “neutral” rating in a report on Monday, April 20th. Finally, Cantor Fitzgerald boosted their price target on shares of Planet Labs PBC from $20.00 to $40.00 and gave the company an “overweight” rating in a research report on Friday, March 20th. Six analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $30.61.

Planet Labs PBC Trading Up 5.9%

PL opened at $43.14 on Wednesday. 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’s 50 day simple moving average is $33.33 and its two-hundred day simple moving average is $24.14. Planet Labs PBC has a 1-year low of $3.47 and a 1-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.

Insider Activity at Planet Labs PBC

In other Planet Labs PBC news, insider Robert H. Schingler sold 73,683 shares of the firm’s 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 of the company’s stock, valued at $8,995,034.16. This trade represents a 22.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ashley F. Johnson sold 200,000 shares of Planet Labs PBC 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 completion of the sale, the chief financial officer owned 1,895,162 shares in the company, valued at $66,520,186.20. This represents a 9.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 17.53% of the stock is currently owned by insiders.

Institutional Trading of Planet Labs PBC

Several institutional investors and hedge funds have recently bought and sold shares of the stock. American Capital Advisory LLC acquired a new stake in shares of Planet Labs PBC during the first quarter valued at about $28,000. Parkside Financial Bank & Trust increased its holdings in Planet Labs PBC by 92.5% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company’s stock valued at $31,000 after purchasing an additional 745 shares during the last quarter. MCF Advisors LLC purchased a new stake in Planet Labs PBC in the third quarter valued at approximately $32,000. Baillie Gifford & Co. acquired a new position in Planet Labs PBC during the fourth quarter worth $32,000. Finally, Pittenger & Anderson Inc. boosted its position in shares of Planet Labs PBC by 40.9% during the first quarter. Pittenger & Anderson Inc. now owns 1,360 shares of the company’s stock worth $38,000 after buying an additional 395 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.