Planet Labs PBC $PL Shares Bought by Vanguard Group Inc.

Vanguard Group Inc. raised its position in Planet Labs PBC (NYSE:PL) by 9.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 18,551,697 shares of the company’s stock after buying an additional 1,637,880 shares during the period. Vanguard Group Inc. owned about 6.02% of Planet Labs PBC worth $240,801,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in PL. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Planet Labs PBC by 245.7% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,453,131 shares of the company’s stock worth $14,964,000 after buying an additional 1,743,474 shares in the last quarter. Marshall Wace LLP raised its holdings in Planet Labs PBC by 10,305.7% in the 2nd quarter. Marshall Wace LLP now owns 1,509,248 shares of the company’s stock valued at $9,206,000 after acquiring an additional 1,494,744 shares during the last quarter. Jump Financial LLC acquired a new stake in Planet Labs PBC in the 2nd quarter valued at about $7,723,000. Bank of America Corp DE lifted its stake in Planet Labs PBC by 477.9% in the 2nd quarter. Bank of America Corp DE now owns 1,349,603 shares of the company’s stock worth $8,233,000 after purchasing an additional 1,116,055 shares in the last quarter. Finally, Qube Research & Technologies Ltd boosted its holdings in shares of Planet Labs PBC by 415.4% during the 2nd quarter. Qube Research & Technologies Ltd now owns 1,326,337 shares of the company’s stock worth $8,091,000 after purchasing an additional 1,068,978 shares during the last quarter. Institutional investors and hedge funds own 41.71% of the company’s stock.

Insider Transactions at Planet Labs PBC

In other news, CFO Ashley F. Johnson sold 150,731 shares of the company’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $27.01, for a total value of $4,071,244.31. Following the completion of the sale, the chief financial officer directly owned 1,956,101 shares of the company’s stock, valued at approximately $52,834,288.01. This represents a 7.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Vijaya Gadde sold 20,000 shares of the firm’s stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $26.77, for a total transaction of $535,400.00. Following the completion of the sale, the director owned 250,169 shares of the company’s stock, valued at $6,697,024.13. This trade represents a 7.40% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 292,348 shares of company stock worth $7,323,958. 17.53% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

PL has been the topic of a number of recent research reports. Cantor Fitzgerald reissued an “overweight” rating on shares of Planet Labs PBC in a research note on Thursday, December 11th. Citigroup lifted their price target on Planet Labs PBC from $19.00 to $30.00 and gave the stock a “buy” rating in a report on Tuesday, January 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Planet Labs PBC in a report on Thursday, January 22nd. The Goldman Sachs Group restated a “neutral” rating and set a $16.40 price objective on shares of Planet Labs PBC in a research report on Tuesday, January 20th. Finally, Northland Securities set a $28.00 target price on shares of Planet Labs PBC in a research note on Tuesday, January 13th. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $21.88.

Planet Labs PBC Stock Performance

Shares of PL stock opened at $24.13 on Friday. The firm has a 50 day moving average of $23.58 and a two-hundred day moving average of $15.90. The stock has a market capitalization of $7.57 billion, a PE ratio of -57.45 and a beta of 1.94. 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 52 week low of $2.79 and a 52 week high of $30.90.

Planet Labs PBC (NYSE:PL) last issued its earnings results on Wednesday, December 10th. The company reported $0.00 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.02. The firm had revenue of $81.25 million for the quarter, compared to analysts’ expectations of $72.02 million. Planet Labs PBC had a negative net margin of 45.87% and a negative return on equity of 31.01%. The firm’s revenue was up 32.6% compared to the same quarter last year. During the same quarter last year, the company earned ($0.02) earnings per share. On average, research analysts predict that Planet Labs PBC will post -0.37 EPS 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.