OP Asset Management Ltd purchased a new stake in Planet Labs PBC (NYSE:PL – Free Report) in the 1st quarter, HoldingsChannel.com reports. The fund purchased 27,565 shares of the company’s stock, valued at approximately $770,000.
A number of other hedge funds have also recently made changes to their positions in PL. Brookstone Capital Management bought a new position in shares of Planet Labs PBC in the first quarter worth $509,000. SG Americas Securities LLC raised its position in shares of Planet Labs PBC by 47.4% in the first quarter. SG Americas Securities LLC now owns 35,129 shares of the company’s stock worth $982,000 after buying an additional 11,290 shares in the last quarter. First Community Trust NA bought a new stake in Planet Labs PBC during the first quarter valued at $115,000. Polianta Ltd bought a new stake in Planet Labs PBC during the first quarter valued at $1,338,000. Finally, Hsbc Holdings PLC purchased a new position in Planet Labs PBC during the fourth quarter worth about $8,457,000. 41.71% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of equities analysts have weighed in on the company. Zacks Research lowered Planet Labs PBC from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 19th. Weiss Ratings upgraded Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 15th. Wedbush reissued an “outperform” rating and set a $50.00 price objective on shares of Planet Labs PBC in a report on Friday, June 5th. Craig Hallum upped their price objective on shares of Planet Labs PBC from $36.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, June 5th. Finally, New Street Research initiated coverage on shares of Planet Labs PBC in a research report on Wednesday, May 13th. They issued a “sell” rating and a $28.00 price objective on the stock. Six research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $35.11.
Insider Transactions at Planet Labs PBC
In other news, insider Robert H. Schingler sold 73,683 shares of the business’s stock in a transaction dated 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 completion of the sale, the insider owned 256,488 shares of the company’s stock, valued at approximately $8,995,034.16. The trade was a 22.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ashley F. Johnson sold 200,000 shares of the stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $35.10, for a total value of $7,020,000.00. Following the sale, the chief financial officer owned 1,895,162 shares of the company’s stock, 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. 16.42% of the stock is currently owned by company insiders.
Planet Labs PBC Price Performance
Shares of Planet Labs PBC stock opened at $33.11 on Wednesday. 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 has a 52-week low of $5.87 and a 52-week high of $51.76. The company has a fifty day moving average of $37.32 and a 200-day moving average of $29.86. The stock has a market capitalization of $11.80 billion, a price-to-earnings ratio of -29.05 and a beta of 1.99.
Planet Labs PBC (NYSE:PL – Get Free Report) last issued its earnings results on Thursday, June 4th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. The company had revenue of $94.15 million for the quarter, compared to analysts’ expectations of $90.39 million. Planet Labs PBC had a negative net margin of 111.17% and a negative return on equity of 105.29%. The business’s revenue was up 42.1% on a year-over-year basis. Equities research analysts expect that Planet Labs PBC will post -0.92 EPS for the current year.
About Planet Labs PBC
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.
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