Connor Clark & Lunn Investment Management Ltd. Acquires 1,252,782 Shares of Planet Labs PBC $PL

Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Planet Labs PBC (NYSE:PL) by 51.1% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 3,705,913 shares of the company’s stock after purchasing an additional 1,252,782 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Planet Labs PBC were worth $48,103,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of PL. Vanguard Group Inc. raised its holdings in Planet Labs PBC by 9.7% during the 3rd quarter. Vanguard Group Inc. now owns 18,551,697 shares of the company’s stock worth $240,801,000 after buying an additional 1,637,880 shares during the period. Canada Pension Plan Investment Board boosted its holdings in shares of Planet Labs PBC by 0.3% in the second quarter. Canada Pension Plan Investment Board now owns 7,820,400 shares of the company’s stock valued at $47,704,000 after buying an additional 20,400 shares during the period. Barclays PLC boosted its holdings in shares of Planet Labs PBC by 758.1% in the third quarter. Barclays PLC now owns 3,727,743 shares of the company’s stock valued at $48,386,000 after buying an additional 3,293,333 shares during the period. Oppenheimer & Co. Inc. increased its position in shares of Planet Labs PBC by 74.1% during the third quarter. Oppenheimer & Co. Inc. now owns 2,002,184 shares of the company’s stock worth $25,988,000 after acquiring an additional 851,937 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of Planet Labs PBC by 54.3% during the first quarter. Goldman Sachs Group Inc. now owns 1,856,245 shares of the company’s stock worth $6,274,000 after acquiring an additional 653,173 shares in the last quarter. 41.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PL. Citigroup boosted their price objective on shares of Planet Labs PBC from $19.00 to $30.00 and gave the company a “buy” rating in a research report on Tuesday, January 13th. Morgan Stanley increased their target price on Planet Labs PBC from $20.00 to $26.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 13th. National Bank Financial set a $12.30 price target on Planet Labs PBC in a research note on Tuesday, December 16th. Deutsche Bank Aktiengesellschaft boosted their price target on Planet Labs PBC from $16.00 to $17.00 and gave the company a “buy” rating in a report on Thursday, December 11th. Finally, Northland Securities set a $28.00 price objective on Planet Labs PBC in a research report on Tuesday, January 13th. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $21.88.

Planet Labs PBC Stock Performance

Shares of PL opened at $24.91 on Friday. The stock has a market capitalization of $7.81 billion, a price-to-earnings ratio of -59.31 and a beta of 1.95. Planet Labs PBC has a 12 month low of $2.79 and a 12 month high of $30.90. The firm has a fifty day simple moving average of $24.56 and a 200 day simple moving average of $17.01. The company has a current ratio of 4.00, a quick ratio of 4.00 and a debt-to-equity ratio of 1.28.

Planet Labs PBC (NYSE:PL) last issued its quarterly earnings results on Wednesday, December 10th. The company reported $0.00 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.02. Planet Labs PBC had a negative net margin of 45.87% and a negative return on equity of 31.01%. The firm had revenue of $81.25 million for the quarter, compared to analysts’ expectations of $72.02 million. During the same period in the previous year, the firm posted ($0.02) EPS. The company’s revenue for the quarter was up 32.6% on a year-over-year basis. Research analysts forecast that Planet Labs PBC will post -0.37 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Kristen Robinson sold 47,835 shares of Planet Labs PBC stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $26.96, for a total value of $1,289,631.60. Following the sale, the director owned 222,897 shares of the company’s stock, valued at approximately $6,009,303.12. The trade was a 17.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert H. Schingler sold 73,782 shares of the company’s stock in a transaction dated Friday, December 26th. The stock was sold at an average price of $19.35, for a total value of $1,427,681.70. Following the sale, the insider owned 1,164,729 shares in the company, valued at $22,537,506.15. The trade was a 5.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 292,348 shares of company stock worth $7,323,958 over the last 90 days. 17.53% of the stock is currently owned by insiders.

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.