Renaissance Technologies LLC grew its holdings in Planet Labs PBC (NYSE:PL – Free Report) by 36.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,021,180 shares of the company’s stock after acquiring an additional 273,300 shares during the quarter. Renaissance Technologies LLC owned 0.30% of Planet Labs PBC worth $28,542,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Arrowstreet Capital Limited Partnership increased its position in Planet Labs PBC by 80.4% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,932,381 shares of the company’s stock worth $54,010,000 after acquiring an additional 861,306 shares during the period. Sei Investments Co. boosted its holdings in Planet Labs PBC by 76.0% in the 1st quarter. Sei Investments Co. now owns 212,182 shares of the company’s stock valued at $5,930,000 after purchasing an additional 91,654 shares during the period. First Trust Advisors LP boosted its holdings in Planet Labs PBC by 4.5% in the 1st quarter. First Trust Advisors LP now owns 648,656 shares of the company’s stock valued at $18,130,000 after purchasing an additional 28,138 shares during the period. PNC Financial Services Group Inc. grew its position in shares of Planet Labs PBC by 26.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 39,951 shares of the company’s stock worth $1,117,000 after purchasing an additional 8,373 shares in the last quarter. Finally, Florida Financial Advisors LLC grew its position in shares of Planet Labs PBC by 23.2% during the 1st quarter. Florida Financial Advisors LLC now owns 67,185 shares of the company’s stock worth $1,878,000 after purchasing an additional 12,667 shares in the last quarter. 41.71% of the stock is currently owned by institutional investors and hedge funds.
Planet Labs PBC Price Performance
PL stock opened at $20.42 on Wednesday. The company’s 50-day moving average price is $32.03 and its two-hundred day moving average price is $30.68. The firm has a market cap of $7.28 billion, a P/E ratio of -17.91 and a beta of 2.06. The company has a quick ratio of 2.78, a current ratio of 2.81 and a debt-to-equity ratio of 1.01. Planet Labs PBC has a 12 month low of $5.87 and a 12 month high of $51.76.
Analyst Ratings Changes
Several research analysts have recently commented on PL shares. Northland Securities set a $50.00 target price on shares of Planet Labs PBC in a report on Friday, June 5th. Wedbush initiated coverage on Planet Labs PBC in a research report on Wednesday, July 1st. They set an “outperform” rating and a $50.00 price target on the stock. Zacks Research upgraded Planet Labs PBC from a “strong sell” rating to a “hold” rating in a research note on Thursday, July 2nd. The Goldman Sachs Group lifted their price objective on Planet Labs PBC from $22.00 to $25.00 and gave the company a “neutral” rating in a report on Tuesday, July 14th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $36.00 target price on shares of Planet Labs PBC in a research report on Monday, June 15th. Six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $35.36.
Check Out Our Latest Stock Analysis on Planet Labs PBC
Insiders Place Their Bets
In other news, Director John W. Raymond sold 6,494 shares of the business’s stock in a transaction on Monday, July 13th. The stock was sold at an average price of $26.16, for a total transaction of $169,883.04. Following the completion of the transaction, the director owned 37,114 shares of the company’s stock, valued at approximately $970,902.24. The trade was a 14.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Robert H. Schingler sold 25,000 shares of the company’s stock in a transaction on Friday, July 10th. The stock was sold at an average price of $25.92, for a total value of $648,000.00. Following the sale, the insider owned 225,171 shares of the company’s stock, valued at approximately $5,836,432.32. This represents a 9.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 171,122 shares of company stock worth $4,148,906 over the last three months. Insiders own 16.42% of the company’s stock.
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.
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