Planet Labs PBC $PL Shares Acquired by First Trust Advisors LP

First Trust Advisors LP increased its position in shares of Planet Labs PBC (NYSE:PL) by 4.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 648,656 shares of the company’s stock after buying an additional 28,138 shares during the period. First Trust Advisors LP’s holdings in Planet Labs PBC were worth $18,130,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Van ECK Associates Corp raised its holdings in Planet Labs PBC by 320.3% in the fourth quarter. Van ECK Associates Corp now owns 7,678,938 shares of the company’s stock valued at $151,429,000 after acquiring an additional 5,851,758 shares in the last quarter. Invesco Ltd. grew its holdings in Planet Labs PBC by 265.6% during the 3rd quarter. Invesco Ltd. now owns 3,450,479 shares of the company’s stock worth $44,787,000 after acquiring an additional 2,506,595 shares in the last quarter. Two Sigma Investments LP grew its holdings in Planet Labs PBC by 257.5% during the 3rd quarter. Two Sigma Investments LP now owns 2,362,275 shares of the company’s stock worth $30,662,000 after acquiring an additional 1,701,535 shares in the last quarter. Marshall Wace LLP grew its holdings in Planet Labs PBC by 10,305.7% during the 2nd quarter. Marshall Wace LLP now owns 1,509,248 shares of the company’s stock worth $9,206,000 after acquiring an additional 1,494,744 shares in the last quarter. Finally, Bank of America Corp DE increased its position in shares of Planet Labs PBC by 477.9% in the 2nd quarter. Bank of America Corp DE now owns 1,349,603 shares of the company’s stock valued at $8,233,000 after purchasing an additional 1,116,055 shares during the last quarter. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

Planet Labs PBC Stock Down 4.4%

Shares of NYSE:PL opened at $19.51 on Thursday. The firm has a 50 day simple moving average of $31.57 and a 200-day simple moving average of $30.66. Planet Labs PBC has a twelve month low of $5.87 and a twelve month high of $51.76. 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 has a market capitalization of $6.95 billion, a PE ratio of -17.12 and a beta of 2.06.

Planet Labs PBC (NYSE:PL) last posted its earnings results on Thursday, June 4th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $94.15 million for the quarter, compared to the consensus estimate of $90.39 million. The firm’s revenue for the quarter was up 42.1% compared to the same quarter last year. On average, equities analysts predict that Planet Labs PBC will post -0.92 EPS for the current fiscal year.

Insider Buying and Selling at Planet Labs PBC

In other Planet Labs PBC news, insider Robert H. Schingler sold 64,593 shares of the firm’s stock in a transaction dated Friday, July 10th. The stock was sold at an average price of $25.92, for a total transaction of $1,674,250.56. Following the transaction, the insider owned 825,541 shares of the company’s stock, valued at approximately $21,398,022.72. This trade represents a 7.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Ashley F. Johnson sold 75,035 shares of Planet Labs PBC stock in a transaction dated 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 sale, the chief financial officer owned 1,132,122 shares in the company, valued at $24,997,253.76. This trade represents a 6.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 171,122 shares of company stock worth $4,148,906 over the last 90 days. Corporate insiders own 16.42% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PL. The Goldman Sachs Group raised their price objective on shares of Planet Labs PBC from $22.00 to $25.00 and gave the company a “neutral” rating in a report on Tuesday, July 14th. Citigroup boosted their target price on shares of Planet Labs PBC from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, April 2nd. Craig Hallum increased their target price on Planet Labs PBC from $36.00 to $49.00 and gave the company a “buy” rating in a report on Friday, June 5th. Weiss Ratings upgraded Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, June 15th. Finally, Northland Securities set a $50.00 price target on Planet Labs PBC in a report on Friday, June 5th. Six research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $35.36.

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.