Tidal Investments LLC boosted its position in Planet Labs PBC (NYSE:PL – Free Report) by 5,339.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,591,020 shares of the company’s stock after acquiring an additional 1,561,769 shares during the quarter. Tidal Investments LLC’s holdings in Planet Labs PBC were worth $52,710,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently added to or reduced their stakes in the company. Calamos Advisors LLC purchased a new position in shares of Planet Labs PBC in the 1st quarter worth about $2,973,000. Principal Financial Group Inc. grew its holdings in shares of Planet Labs PBC by 103.4% during the 1st quarter. Principal Financial Group Inc. now owns 565,537 shares of the company’s stock worth $15,807,000 after purchasing an additional 287,544 shares during the period. Quantinno Capital Management LP increased its position in Planet Labs PBC by 574.7% during the 1st quarter. Quantinno Capital Management LP now owns 145,751 shares of the company’s stock worth $4,074,000 after purchasing an additional 124,150 shares in the last quarter. Oddo BHF Asset Management Sas purchased a new position in Planet Labs PBC in the first quarter valued at approximately $5,472,000. Finally, Renaissance Technologies LLC raised its holdings in Planet Labs PBC by 36.5% in the first quarter. Renaissance Technologies LLC now owns 1,021,180 shares of the company’s stock valued at $28,542,000 after buying an additional 273,300 shares during the period. Hedge funds and other institutional investors own 41.71% of the company’s stock.
Insider Buying and Selling
In related news, insider Robert Schingler sold 64,593 shares of the business’s stock in a transaction dated Friday, July 10th. The stock was sold at an average price of $25.92, for a total value of $1,674,250.56. Following the transaction, the insider owned 825,541 shares in the company, valued at approximately $21,398,022.72. The trade was a 7.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Ashley Johnson sold 75,035 shares of the stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $22.08, for a total value of $1,656,772.80. Following the completion of the transaction, the chief financial officer directly owned 1,132,122 shares of the company’s stock, valued at $24,997,253.76. This represents a 6.22% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 171,122 shares of company stock worth $4,148,906. 16.42% of the stock is currently owned by corporate insiders.
Planet Labs PBC Price Performance
Planet Labs PBC (NYSE:PL – Get Free Report) last issued its quarterly earnings data on Thursday, September 3rd. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.04. The firm had revenue of $116.05 million for the quarter, compared to analyst estimates of $104.53 million. Planet Labs PBC had a negative net margin of 95.13% and a negative return on equity of 93.11%. The firm’s revenue was up 58.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.07) EPS. Equities research analysts expect that Planet Labs PBC will post -0.92 EPS for the current fiscal year.
Analyst Ratings Changes
Several equities research analysts have issued reports on PL shares. Needham & Company LLC decreased their price objective on shares of Planet Labs PBC from $53.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, September 4th. Zacks Research raised shares of Planet Labs PBC from a “strong sell” rating to a “hold” rating in a research report on Thursday, July 2nd. New Street Research upgraded Planet Labs PBC from a “sell” rating to a “neutral” rating in a report on Friday, September 4th. Northland Securities set a $40.00 price objective on Planet Labs PBC in a research note on Friday, September 4th. Finally, Berenberg Bank initiated coverage on Planet Labs PBC in a research report on Wednesday, September 2nd. They issued a “buy” rating and a $25.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $32.77.
View Our Latest Analysis on Planet Labs PBC
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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