Nwam LLC Purchases New Position in Planet Labs PBC $PL

Nwam LLC acquired a new position in Planet Labs PBC (NYSE:PL) during the 2nd quarter, HoldingsChannel.com reports. The fund acquired 130,950 shares of the company’s stock, valued at approximately $4,338,000.

Several other institutional investors also recently bought and sold shares of PL. Vanguard Group Inc. lifted its holdings in shares of Planet Labs PBC by 4.3% in the 4th quarter. Vanguard Group Inc. now owns 19,358,515 shares of the company’s stock worth $381,750,000 after buying an additional 806,818 shares during the period. Calamos Advisors LLC bought a new position in shares of Planet Labs PBC during the 1st quarter worth $2,973,000. Principal Financial Group Inc. increased its stake in shares of Planet Labs PBC by 103.4% during the first quarter. Principal Financial Group Inc. now owns 565,537 shares of the company’s stock valued at $15,807,000 after buying an additional 287,544 shares during the period. Quantinno Capital Management LP increased its stake in shares of Planet Labs PBC by 574.7% during the first quarter. Quantinno Capital Management LP now owns 145,751 shares of the company’s stock valued at $4,074,000 after buying an additional 124,150 shares during the period. Finally, Oddo BHF Asset Management Sas bought a new stake in shares of Planet Labs PBC in the first quarter valued at about $5,472,000. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

Planet Labs PBC Price Performance

Shares of PL stock opened at $19.83 on Tuesday. The stock’s 50-day moving average is $24.31 and its 200 day moving average is $30.17. Planet Labs PBC has a 1-year low of $6.26 and a 1-year high of $51.76. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.81 and a quick ratio of 2.78. The company has a market cap of $7.07 billion, a P/E ratio of -17.39 and a beta of 2.11.

Planet Labs PBC (NYSE:PL) last released its quarterly earnings results on Thursday, June 4th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.01. Planet Labs PBC had a negative net margin of 111.17% and a negative return on equity of 105.29%. The business had revenue of $94.15 million during the quarter, compared to analyst estimates of $90.39 million. The firm’s revenue was up 42.1% on a year-over-year basis. Research analysts predict that Planet Labs PBC will post -0.92 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

PL has been the topic of several recent research reports. Weiss Ratings upgraded shares of Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, June 15th. Needham & Company LLC boosted their price target on shares of Planet Labs PBC from $40.00 to $53.00 and gave the company a “buy” rating in a report on Friday, June 5th. Northland Securities set a $50.00 price target on shares of Planet Labs PBC in a research report on Friday, June 5th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $36.00 price objective on shares of Planet Labs PBC in a research note on Monday, June 15th. Finally, New Street Research assumed coverage on shares of Planet Labs PBC in a research note on Wednesday, May 13th. They issued a “sell” rating and a $28.00 price objective for the company. Six research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Planet Labs PBC has a consensus rating of “Hold” and an average target price of $35.36.

Insider Activity at Planet Labs PBC

In other Planet Labs PBC news, insider Robert H. Schingler sold 25,000 shares of Planet Labs PBC stock in a transaction on Friday, July 10th. The shares were sold at an average price of $25.92, for a total value of $648,000.00. Following the transaction, the insider directly owned 225,171 shares of the company’s stock, valued at approximately $5,836,432.32. The trade was a 9.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Ashley F. Johnson sold 75,035 shares of the company’s stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $22.08, for a total value of $1,656,772.80. Following the transaction, the chief financial officer directly owned 1,132,122 shares in the company, valued at approximately $24,997,253.76. The trade was a 6.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 171,122 shares of company stock valued at $4,148,906 over the last 90 days. Insiders own 16.42% of the company’s stock.

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.