Mirae Asset Global Investments Co. Ltd. Acquires 2,088,886 Shares of Planet Labs PBC $PL

Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Planet Labs PBC (NYSE:PL) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 2,088,886 shares of the company’s stock, valued at approximately $34,237,000.

A number of other institutional investors also recently modified their holdings of the stock. North Star Investment Management Corp. grew its holdings in Planet Labs PBC by 169.5% in the third quarter. North Star Investment Management Corp. now owns 3,180 shares of the company’s stock worth $52,000 after purchasing an additional 2,000 shares during the period. MADDEN SECURITIES Corp bought a new stake in Planet Labs PBC in the third quarter valued at $626,000. Center for Financial Planning Inc. acquired a new position in shares of Planet Labs PBC during the third quarter valued at about $63,000. Wedbush Securities Inc. raised its holdings in shares of Planet Labs PBC by 94.0% during the third quarter. Wedbush Securities Inc. now owns 31,458 shares of the company’s stock valued at $516,000 after purchasing an additional 15,244 shares during the period. Finally, SBI Securities Co. Ltd. boosted its position in shares of Planet Labs PBC by 18.5% during the 3rd quarter. SBI Securities Co. Ltd. now owns 60,087 shares of the company’s stock worth $985,000 after purchasing an additional 9,369 shares in the last quarter. Institutional investors and hedge funds own 41.71% of the company’s stock.

Insider Buying and Selling at Planet Labs PBC

In related news, CFO Ashley Johnson sold 55,663 shares of the business’s stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $16.96, for a total transaction of $944,044.48. Following the transaction, the chief financial officer directly owned 577,915 shares in the company, valued at approximately $9,801,438.40. The trade was a 8.79% 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 this link. Also, Director John W. Raymond sold 6,494 shares of the stock in a transaction dated Tuesday, October 13th. The shares were sold at an average price of $15.23, for a total transaction of $98,903.62. Following the completion of the sale, the director owned 30,620 shares of the company’s stock, valued at approximately $466,342.60. This trade represents a 17.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 165,897 shares of company stock valued at $2,681,988 in the last quarter. 16.42% of the stock is owned by company insiders.

Planet Labs PBC Price Performance

Shares of NYSE:PL opened at $13.45 on Monday. The company has a current ratio of 2.84, a quick ratio of 2.82 and a debt-to-equity ratio of 0.79. The stock’s fifty day simple moving average is $16.82 and its two-hundred day simple moving average is $26.62. Planet Labs PBC has a 1-year low of $10.52 and a 1-year high of $51.76. The stock has a market cap of $4.89 billion, a PE ratio of -12.23 and a beta of 2.27.

Planet Labs PBC (NYSE:PL) last posted its earnings results on Thursday, September 3rd. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.04. The firm had revenue of $116.05 million during the quarter, compared to analyst estimates of $104.53 million. Planet Labs PBC had a negative net margin of 95.13% and a negative return on equity of 93.11%. The business’s revenue was up 58.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.07) EPS. As a group, analysts forecast that Planet Labs PBC will post -0.60 EPS for the current fiscal year.

Analyst Ratings Changes

PL has been the subject of several research reports. Berenberg Bank started coverage on Planet Labs PBC in a research note on Wednesday, September 2nd. They issued a “buy” rating and a $25.00 target price for the company. Northland Securities set a $40.00 price target on Planet Labs PBC in a report on Friday, September 4th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $28.00 price objective on shares of Planet Labs PBC in a research note on Tuesday, September 8th. New Street Research upgraded Planet Labs PBC from a “sell” rating to a “neutral” rating in a report on Friday, September 4th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Planet Labs PBC in a research report on Friday, September 11th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Planet Labs PBC currently has a consensus rating of “Hold” and a consensus target price of $30.33.

Planet Labs PBC Profile

Planet Labs PBC is a space and data analytics company that operates a large fleet of Earth-observation satellites. The company captures frequently updated imagery of land and coastal areas worldwide, helping organizations monitor changes and make decisions based on current geospatial information.

Planet’s product portfolio includes PlanetScope, which provides high-frequency satellite imagery, and SkySat, which offers higher-resolution imagery for more detailed analysis. The company also develops specialized satellite and data products, including hyperspectral capabilities, and provides cloud-based platforms, application programming interfaces and analytical tools that allow customers to access, analyze and integrate geospatial data into their own workflows.

Its customers and partners include businesses, governments, researchers and nonprofit organizations in areas such as agriculture, mapping, forestry, energy, infrastructure, insurance, defense and climate monitoring.