Planet Labs PBC (NYSE:PL) Shares Gap Down on Analyst Downgrade

Planet Labs PBC (NYSE:PL) shares gapped down before the market opened on Tuesday after Zacks Research downgraded the stock from a hold rating to a strong sell rating. The stock had previously closed at $20.60, but opened at $19.80. Planet Labs PBC shares last traded at $20.3570, with a volume of 1,275,790 shares changing hands.

Several other research analysts have also issued reports on the stock. National Bankshares set a $12.30 target price on shares of Planet Labs PBC in a research note on Tuesday, December 16th. Morgan Stanley upped their target price on shares of Planet Labs PBC from $4.50 to $20.00 and gave the company an “equal weight” rating in a research report on Friday, December 12th. Citizens Jmp lowered Planet Labs PBC from an “outperform” rating to a “market perform” rating in a research report on Tuesday, October 21st. Northland Securities set a $17.00 target price on shares of Planet Labs PBC in a report on Thursday, December 11th. Finally, The Goldman Sachs Group reissued a “neutral” rating on shares of Planet Labs PBC in a research report on Tuesday, December 16th. Eight investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $14.74.

Insider Transactions at Planet Labs PBC

In other news, insider Robert H. Schingler sold 81,656 shares of the business’s stock in a transaction dated Monday, October 13th. The stock was sold at an average price of $15.50, for a total value of $1,265,668.00. Following the sale, the insider directly owned 1,288,843 shares in the company, valued at $19,977,066.50. The trade was a 5.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 17.53% of the company’s stock.

Hedge Funds Weigh In On Planet Labs PBC

A number of institutional investors have recently bought and sold shares of the business. MCF Advisors LLC bought a new stake in Planet Labs PBC in the 3rd quarter valued at $32,000. Larson Financial Group LLC bought a new position in shares of Planet Labs PBC in the third quarter valued at about $39,000. Jones Financial Companies Lllp boosted its holdings in shares of Planet Labs PBC by 59.3% during the 3rd quarter. Jones Financial Companies Lllp now owns 3,591 shares of the company’s stock worth $44,000 after buying an additional 1,337 shares during the period. Advisory Services Network LLC acquired a new position in Planet Labs PBC in the 3rd quarter valued at about $56,000. Finally, Wexford Capital LP bought a new position in Planet Labs PBC in the 3rd quarter valued at about $63,000. Institutional investors and hedge funds own 41.71% of the company’s stock.

Planet Labs PBC Price Performance

The stock has a market capitalization of $6.37 billion, a price-to-earnings ratio of -48.35 and a beta of 2.00. The company’s 50-day simple moving average is $13.69 and its 200-day simple moving average is $10.11. The company has a debt-to-equity ratio of 1.28, a current ratio of 4.00 and a quick ratio of 4.00.

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

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.