Revere Asset Management Inc Makes New $768,000 Investment in Planet Labs PBC $PL

Revere Asset Management Inc acquired a new position in shares of Planet Labs PBC (NYSE:PL) in the fourth quarter, according to its most recent disclosure with the SEC. The firm acquired 38,952 shares of the company’s stock, valued at approximately $768,000. Planet Labs PBC accounts for about 0.3% of Revere Asset Management Inc’s portfolio, making the stock its 19th biggest position.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Wellington Shields & Co. LLC lifted its position in Planet Labs PBC by 2.8% during the 4th quarter. Wellington Shields & Co. LLC now owns 15,776 shares of the company’s stock worth $311,000 after acquiring an additional 435 shares during the period. Legal & General Group Plc lifted its position in Planet Labs PBC by 1.7% during the 4th quarter. Legal & General Group Plc now owns 265,768 shares of the company’s stock worth $5,241,000 after acquiring an additional 4,452 shares during the period. SLT Holdings LLC acquired a new stake in Planet Labs PBC during the 4th quarter worth approximately $208,000. Lisanti Capital Growth LLC acquired a new stake in Planet Labs PBC during the 4th quarter worth approximately $2,071,000. Finally, Legato Capital Management LLC lifted its position in Planet Labs PBC by 115.2% during the 4th quarter. Legato Capital Management LLC now owns 111,347 shares of the company’s stock worth $2,196,000 after acquiring an additional 59,610 shares during the period. 41.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CFO Ashley F. Johnson sold 200,000 shares of the stock in a transaction that occurred 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 directly owned 1,895,162 shares of the company’s stock, valued at approximately $66,520,186.20. This represents a 9.55% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Robert H. Schingler sold 73,683 shares of the stock in a transaction that occurred 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 directly owned 256,488 shares of the company’s stock, valued at approximately $8,995,034.16. This trade represents a 22.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 17.53% of the company’s stock.

Analyst Upgrades and Downgrades

PL has been the subject of a number of recent research reports. Citigroup increased their price objective on Planet Labs PBC from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, April 2nd. New Street Research initiated coverage on Planet Labs PBC in a research note on Wednesday, May 13th. They set a “sell” rating and a $28.00 target price for the company. Deutsche Bank Aktiengesellschaft set a $38.00 target price on Planet Labs PBC and gave the stock a “buy” rating in a research note on Friday, March 27th. Morgan Stanley increased their target price on Planet Labs PBC from $26.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Wednesday, March 25th. Finally, Wedbush increased their target price on Planet Labs PBC from $40.00 to $50.00 and gave the stock an “outperform” rating in a research note on Thursday, May 14th. Six investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $30.61.

Planet Labs PBC Stock Performance

Shares of PL stock opened at $44.39 on Tuesday. The company has a market cap of $15.36 billion, a price-to-earnings ratio of -56.91 and a beta of 1.91. The stock has a 50 day simple moving average of $35.75 and a 200-day simple moving average of $25.60. Planet Labs PBC has a 12-month low of $3.53 and a 12-month high of $45.78. The company has a current ratio of 1.65, a quick ratio of 1.64 and a debt-to-equity ratio of 2.37.

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.