Hsbc Holdings PLC Has $10.73 Million Holdings in Planet Labs PBC $PL

Hsbc Holdings PLC decreased its stake in shares of Planet Labs PBC (NYSE:PL) by 10.5% in the 1st quarter, Holdings Channel reports. The fund owned 377,857 shares of the company’s stock after selling 44,328 shares during the quarter. Hsbc Holdings PLC’s holdings in Planet Labs PBC were worth $10,730,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Kestra Advisory Services LLC lifted its position in Planet Labs PBC by 21.7% in the 1st quarter. Kestra Advisory Services LLC now owns 28,953 shares of the company’s stock valued at $809,000 after acquiring an additional 5,160 shares in the last quarter. Axxcess Wealth Management LLC acquired a new position in Planet Labs PBC in the 1st quarter worth $266,000. Flatrock Wealth Partners LLC bought a new position in Planet Labs PBC during the 1st quarter worth about $312,000. American Capital Advisory LLC bought a new position in Planet Labs PBC during the 1st quarter worth about $28,000. Finally, Abel Hall LLC raised its stake in shares of Planet Labs PBC by 34.0% in the 1st quarter. Abel Hall LLC now owns 15,118 shares of the company’s stock valued at $423,000 after purchasing an additional 3,839 shares during the period. 41.71% of the stock is currently owned by institutional investors and hedge funds.

Planet Labs PBC Price Performance

Shares of PL opened at $22.64 on Thursday. The company has a current ratio of 2.81, a quick ratio of 2.78 and a debt-to-equity ratio of 1.01. The company’s fifty day simple moving average is $33.70 and its 200 day simple moving average is $30.70. Planet Labs PBC has a 1-year low of $5.87 and a 1-year high of $51.76. The company has a market cap of $8.07 billion, a price-to-earnings ratio of -19.86 and a beta of 2.06.

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

Analysts Set New Price Targets

A number of analysts have recently commented on PL shares. Citigroup boosted their price target on Planet Labs PBC from $30.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, April 2nd. Needham & Company LLC increased their price objective on Planet Labs PBC from $40.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, June 5th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $36.00 target price on shares of Planet Labs PBC in a research report on Monday, June 15th. Morgan Stanley boosted their target price on Planet Labs PBC from $26.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, March 25th. Finally, Zacks Research raised Planet Labs PBC from a “strong sell” rating to a “hold” rating in a research report on Thursday, July 2nd. Six investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $35.36.

Insider Activity

In related news, Director John W. Raymond sold 6,494 shares of Planet Labs PBC stock in a transaction dated Monday, July 13th. The stock was sold at an average price of $26.16, for a total transaction of $169,883.04. Following the completion of the transaction, the director owned 37,114 shares in the company, valued at approximately $970,902.24. This trade represents a 14.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Robert H. Schingler sold 25,000 shares of Planet Labs PBC stock in a transaction dated Friday, July 10th. The stock was sold at an average price of $25.92, for a total value of $648,000.00. Following the transaction, the insider owned 225,171 shares of the company’s stock, valued at $5,836,432.32. The trade was a 9.99% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 96,087 shares of company stock valued at $2,492,134 over the last quarter. 16.42% of the stock is currently owned by company insiders.

Planet Labs PBC Company 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.