Leonteq Securities AG Purchases New Shares in Planet Labs PBC $PL

Leonteq Securities AG purchased a new stake in Planet Labs PBC (NYSE:PL) in the fourth quarter, Holdings Channel.com reports. The fund purchased 23,329 shares of the company’s stock, valued at approximately $460,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. PNC Financial Services Group Inc. grew its stake in Planet Labs PBC by 4.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 31,578 shares of the company’s stock valued at $623,000 after purchasing an additional 1,282 shares during the period. Handelsbanken Fonder AB bought a new position in Planet Labs PBC in the 4th quarter valued at $1,197,000. ProShare Advisors LLC grew its stake in Planet Labs PBC by 9.3% in the 4th quarter. ProShare Advisors LLC now owns 43,646 shares of the company’s stock valued at $861,000 after purchasing an additional 3,706 shares during the period. Abacus Wealth Partners LLC bought a new position in Planet Labs PBC in the 4th quarter valued at $471,000. Finally, May Hill Capital LLC bought a new position in Planet Labs PBC in the 4th quarter valued at $224,000. 41.71% of the stock is owned by hedge funds and other institutional investors.

Planet Labs PBC Stock Up 4.5%

PL stock opened at $44.39 on Friday. The company has a debt-to-equity ratio of 2.37, a quick ratio of 1.64 and a current ratio of 1.65. The company has a market capitalization of $15.36 billion, a price-to-earnings ratio of -56.91 and a beta of 1.91. Planet Labs PBC has a fifty-two week low of $3.53 and a fifty-two week high of $45.78. The stock has a fifty day moving average of $35.37 and a 200-day moving average of $25.30.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on PL shares. Wedbush upped their price objective on Planet Labs PBC from $40.00 to $50.00 and gave the company an “outperform” rating in a research note on Thursday, May 14th. The Goldman Sachs Group upped their price objective on Planet Labs PBC from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Monday, April 20th. Citigroup upped their price objective on Planet Labs PBC from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, April 2nd. Needham & Company LLC upped their price objective on Planet Labs PBC to $40.00 and gave the company a “buy” rating in a research note on Friday, March 20th. Finally, Zacks Research downgraded Planet Labs PBC from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 19th. Six equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, Planet Labs PBC currently has a consensus rating of “Hold” and a consensus target price of $30.61.

Insider Buying and Selling at Planet Labs PBC

In other news, CFO Ashley F. Johnson sold 200,000 shares of the stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $35.10, for a total transaction of $7,020,000.00. Following the completion of the transaction, the chief financial officer 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Robert H. Schingler sold 73,683 shares of the stock in a transaction on Monday, April 6th. The stock was sold at an average price of $35.07, for a total value 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. The trade was a 22.32% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 17.53% of the stock is currently owned by corporate 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.