King Luther Capital Management Corp Reduces Stock Position in Planet Labs PBC $PL

King Luther Capital Management Corp lessened its holdings in Planet Labs PBC (NYSE:PL) by 18.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 705,273 shares of the company’s stock after selling 155,007 shares during the quarter. King Luther Capital Management Corp owned approximately 0.22% of Planet Labs PBC worth $13,908,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of PL. MCF Advisors LLC purchased a new position in Planet Labs PBC in the third quarter valued at $32,000. Baillie Gifford & Co. purchased a new position in shares of Planet Labs PBC during the fourth quarter worth about $32,000. Larson Financial Group LLC purchased a new position in shares of Planet Labs PBC during the third quarter worth about $39,000. GAMMA Investing LLC grew its holdings in shares of Planet Labs PBC by 146.4% during the fourth quarter. GAMMA Investing LLC now owns 2,011 shares of the company’s stock worth $40,000 after purchasing an additional 1,195 shares during the last quarter. Finally, North Star Investment Management Corp. grew its holdings in shares of Planet Labs PBC by 1,111.1% during the fourth quarter. North Star Investment Management Corp. now owns 2,180 shares of the company’s stock worth $43,000 after purchasing an additional 2,000 shares during the last quarter. Hedge funds and other institutional investors own 41.71% of the company’s stock.

Planet Labs PBC Stock Performance

NYSE PL opened at $50.35 on Thursday. The company has a quick ratio of 1.64, a current ratio of 1.65 and a debt-to-equity ratio of 2.37. Planet Labs PBC has a 52-week low of $3.66 and a 52-week high of $51.13. The business’s 50-day moving average price is $36.74 and its 200 day moving average price is $26.12. The firm has a market cap of $17.43 billion, a P/E ratio of -64.54 and a beta of 1.91.

Insider Transactions at Planet Labs PBC

In related news, insider Robert H. Schingler sold 73,683 shares of the firm’s stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $35.07, for a total transaction of $2,584,062.81. Following the transaction, the insider owned 256,488 shares of the company’s stock, valued at $8,995,034.16. This trade represents a 22.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ashley F. Johnson sold 200,000 shares of the firm’s stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $35.10, for a total value of $7,020,000.00. Following the transaction, the chief financial officer directly owned 1,895,162 shares in the company, valued at approximately $66,520,186.20. This represents a 9.55% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 17.53% of the company’s stock.

Analyst Ratings Changes

PL has been the topic of several research reports. Morgan Stanley raised their price objective on Planet Labs PBC from $26.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, March 25th. The Goldman Sachs Group raised their price objective on Planet Labs PBC from $18.00 to $20.00 and gave the stock a “neutral” rating in a report on Monday, April 20th. Needham & Company LLC raised their price objective on Planet Labs PBC to $40.00 and gave the stock a “buy” rating in a report on Friday, March 20th. New Street Research initiated coverage on Planet Labs PBC in a report on Wednesday, May 13th. They set a “sell” rating and a $28.00 price objective on the stock. Finally, Weiss Ratings raised Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, May 18th. Six research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $30.61.

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.