Rice Hall James & Associates LLC Lowers Holdings in Planet Labs PBC $PL

Rice Hall James & Associates LLC decreased its position in Planet Labs PBC (NYSE:PL) by 15.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 189,625 shares of the company’s stock after selling 35,362 shares during the period. Rice Hall James & Associates LLC owned approximately 0.05% of Planet Labs PBC worth $5,300,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. American Capital Advisory LLC bought a new stake in Planet Labs PBC during the 1st quarter valued at about $28,000. Parkside Financial Bank & Trust lifted its stake in shares of Planet Labs PBC by 92.5% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company’s stock worth $31,000 after buying an additional 745 shares in the last quarter. Baillie Gifford & Co. bought a new position in shares of Planet Labs PBC in the fourth quarter worth approximately $32,000. Pittenger & Anderson Inc. grew its holdings 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 valued at $38,000 after buying an additional 395 shares during the last quarter. Finally, Larson Financial Group LLC purchased a new stake in shares of Planet Labs PBC during the third quarter valued at approximately $39,000. 41.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on PL shares. Craig Hallum boosted their price objective on shares of Planet Labs PBC from $36.00 to $49.00 and gave the stock a “buy” rating in a report on Friday, June 5th. The Goldman Sachs Group increased their target price on Planet Labs PBC from $22.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday, July 14th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $36.00 target price on shares of Planet Labs PBC in a research note on Monday, June 15th. Zacks Research upgraded Planet Labs PBC from a “strong sell” rating to a “hold” rating in a research note on Thursday, July 2nd. Finally, Weiss Ratings raised Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, June 15th. Six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $35.36.

Planet Labs PBC Stock Performance

Shares of PL stock opened at $20.46 on Friday. The company has a 50 day moving average price of $32.86 and a 200-day moving average price of $30.64. Planet Labs PBC has a 52 week low of $5.87 and a 52 week high of $51.76. The firm has a market capitalization of $7.29 billion, a PE ratio of -17.95 and a beta of 2.06. The company has a quick ratio of 2.78, a current ratio of 2.81 and a debt-to-equity ratio of 1.01.

Planet Labs PBC (NYSE:PL) last released its quarterly earnings data on Thursday, June 4th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.01. The firm had revenue of $94.15 million during the quarter, compared to analysts’ expectations of $90.39 million. Planet Labs PBC had a negative net margin of 111.17% and a negative return on equity of 105.29%. Planet Labs PBC’s revenue was up 42.1% compared to the same quarter last year. As a group, equities research analysts expect that Planet Labs PBC will post -0.92 earnings per share for the current year.

Insider Buying and Selling

In other news, Director John W. Raymond sold 6,494 shares of the firm’s stock in a transaction on Monday, July 13th. The stock was sold at an average price of $26.16, for a total value of $169,883.04. Following the transaction, the director directly owned 37,114 shares in the company, valued at $970,902.24. This trade represents a 14.89% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Robert H. Schingler sold 25,000 shares of the firm’s stock in a transaction on Friday, July 10th. The stock was sold at an average price of $25.92, for a total value of $648,000.00. Following the completion of the transaction, the insider owned 225,171 shares in the company, valued at approximately $5,836,432.32. This trade represents a 9.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 96,087 shares of company stock valued at $2,492,134. 16.42% of the stock is currently owned by insiders.

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.