Portolan Capital Management LLC Takes $8.19 Million Position in Planet Labs PBC $PL

Portolan Capital Management LLC bought a new position in Planet Labs PBC (NYSE:PL) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor bought 630,964 shares of the company’s stock, valued at approximately $8,190,000.

Other institutional investors also recently modified their holdings of the company. Entropy Technologies LP purchased a new position in Planet Labs PBC during the 3rd quarter valued at about $541,000. Invesco Ltd. grew its holdings in Planet Labs PBC by 265.6% in the third 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 period. Sei Investments Co. increased its stake in shares of Planet Labs PBC by 10.3% during the third quarter. Sei Investments Co. now owns 38,701 shares of the company’s stock valued at $502,000 after purchasing an additional 3,617 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Planet Labs PBC by 51.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,705,913 shares of the company’s stock valued at $48,103,000 after purchasing an additional 1,252,782 shares in the last quarter. Finally, Capital Fund Management S.A. purchased a new position in shares of Planet Labs PBC during the third quarter valued at approximately $2,119,000. 41.71% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Planet Labs PBC news, CFO Ashley F. Johnson sold 150,731 shares of Planet Labs PBC stock in a transaction on Wednesday, January 21st. The stock was 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 owned 1,956,101 shares of the company’s stock, valued at approximately $52,834,288.01. This trade represents a 7.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kristen Robinson sold 47,835 shares of the business’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $26.96, for a total value of $1,289,631.60. Following the completion of the transaction, the director owned 222,897 shares of the company’s stock, valued at $6,009,303.12. This represents a 17.67% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 292,348 shares of company stock valued at $7,323,958. 17.53% of the stock is currently owned by company insiders.

Planet Labs PBC Trading Down 0.7%

NYSE:PL opened at $24.79 on Friday. The company’s 50 day moving average price is $24.64 and its 200-day moving average price is $17.13. Planet Labs PBC has a 52 week low of $2.79 and a 52 week high of $30.90. The company has a quick ratio of 4.00, a current ratio of 4.00 and a debt-to-equity ratio of 1.28. The stock has a market cap of $7.78 billion, a price-to-earnings ratio of -59.02 and a beta of 1.95.

Planet Labs PBC (NYSE:PL) last announced its quarterly earnings data on Wednesday, December 10th. The company reported $0.00 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.02. Planet Labs PBC had a negative net margin of 45.87% and a negative return on equity of 31.01%. The company had revenue of $81.25 million during the quarter, compared to analyst estimates of $72.02 million. During the same period in the previous year, the business earned ($0.02) EPS. The firm’s revenue for the quarter was up 32.6% on a year-over-year basis. On average, equities research analysts forecast that Planet Labs PBC will post -0.37 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently commented on PL. Weiss Ratings reissued a “sell (d-)” rating on shares of Planet Labs PBC in a research report on Thursday, January 22nd. Zacks Research raised Planet Labs PBC from a “strong sell” rating to a “hold” rating in a research report on Friday, February 13th. Wedbush lifted their price objective on Planet Labs PBC from $20.00 to $28.00 and gave the company an “outperform” rating in a research note on Tuesday, January 13th. Northland Securities set a $28.00 target price on Planet Labs PBC in a report on Tuesday, January 13th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on Planet Labs PBC from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Six analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $21.88.

Planet Labs PBC 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.