Los Angeles Capital Management LLC Purchases 22,915 Shares of Planet Labs PBC $PL

Los Angeles Capital Management LLC boosted its position in Planet Labs PBC (NYSE:PL) by 49.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 69,356 shares of the company’s stock after acquiring an additional 22,915 shares during the period. Los Angeles Capital Management LLC’s holdings in Planet Labs PBC were worth $1,368,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Wellington Shields & Co. LLC raised its stake in shares of Planet Labs PBC by 2.8% during the fourth quarter. Wellington Shields & Co. LLC now owns 15,776 shares of the company’s stock valued at $311,000 after acquiring an additional 435 shares during the last quarter. Wealthfront Advisers LLC increased its holdings in Planet Labs PBC by 5.4% during the 4th quarter. Wealthfront Advisers LLC now owns 12,715 shares of the company’s stock valued at $251,000 after purchasing an additional 657 shares during the period. Pictet Asset Management Holding SA increased its holdings in Planet Labs PBC by 2.1% during the 4th quarter. Pictet Asset Management Holding SA now owns 33,090 shares of the company’s stock valued at $653,000 after purchasing an additional 690 shares during the period. Victory Capital Management Inc. raised its position in Planet Labs PBC by 3.6% during the 3rd quarter. Victory Capital Management Inc. now owns 25,855 shares of the company’s stock valued at $336,000 after purchasing an additional 896 shares during the last quarter. Finally, Ariadne Wealth Management LP raised its position in Planet Labs PBC by 8.8% during the 3rd quarter. Ariadne Wealth Management LP now owns 11,202 shares of the company’s stock valued at $145,000 after purchasing an additional 905 shares during the last quarter. Hedge funds and other institutional investors own 41.71% of the company’s stock.

Insider Buying and Selling at Planet Labs PBC

In other news, insider Robert H. Schingler sold 73,683 shares of the business’s stock in a transaction on Monday, April 6th. The shares were sold at an average price of $35.07, for a total transaction of $2,584,062.81. Following the sale, the insider owned 256,488 shares in the company, valued at approximately $8,995,034.16. The trade was a 22.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ashley F. Johnson sold 200,000 shares of the company’s stock in a transaction dated 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 sale, the chief financial officer directly owned 1,895,162 shares in the company, valued at $66,520,186.20. This represents a 9.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 16.42% of the company’s stock.

Wall Street Analysts Forecast Growth

PL has been the topic of a number of recent analyst reports. Craig Hallum lifted their price objective on Planet Labs PBC from $36.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, June 5th. Weiss Ratings downgraded Planet Labs PBC from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, June 1st. Cantor Fitzgerald lifted their price target on shares of Planet Labs PBC from $20.00 to $40.00 and gave the company an “overweight” rating in a report on Friday, March 20th. Citigroup boosted their price objective on shares of Planet Labs PBC from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, April 2nd. Finally, Morgan Stanley upped their price objective on shares of Planet Labs PBC from $26.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, March 25th. Six analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Planet Labs PBC has a consensus rating of “Hold” and an average target price of $35.11.

Planet Labs PBC Stock Down 1.3%

PL stock opened at $30.76 on Thursday. Planet Labs PBC has a fifty-two week low of $4.90 and a fifty-two week high of $51.76. The company has a market capitalization of $10.65 billion, a price-to-earnings ratio of -26.98 and a beta of 1.99. The business’s 50 day moving average price is $38.86 and its two-hundred day moving average price is $28.17. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.78 and a current ratio of 2.81.

Planet Labs PBC (NYSE:PL) last released its quarterly earnings results on Thursday, June 4th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.01. The company had revenue of $94.15 million for the quarter, compared to analyst estimates of $90.39 million. Planet Labs PBC had a negative return on equity of 105.29% and a negative net margin of 111.17%.The firm’s quarterly revenue was up 42.1% compared to the same quarter last year. As a group, analysts forecast that Planet Labs PBC will post -0.45 earnings per share for the current fiscal year.

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.