Vanguard Group Inc. Purchases 806,818 Shares of Planet Labs PBC $PL

Vanguard Group Inc. boosted its position in Planet Labs PBC (NYSE:PL) by 4.3% during the fourth quarter, HoldingsChannel.com reports. The fund owned 19,358,515 shares of the company’s stock after buying an additional 806,818 shares during the quarter. Vanguard Group Inc. owned approximately 0.06% of Planet Labs PBC worth $381,750,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in PL. AQR Capital Management LLC increased its stake in Planet Labs PBC by 671.1% in the first quarter. AQR Capital Management LLC now owns 92,693 shares of the company’s stock valued at $313,000 after acquiring an additional 80,672 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in Planet Labs PBC in the first quarter valued at approximately $189,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Planet Labs PBC by 6.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 130,798 shares of the company’s stock valued at $442,000 after buying an additional 8,143 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Planet Labs PBC by 54.3% in the first quarter. Goldman Sachs Group Inc. now owns 1,856,245 shares of the company’s stock valued at $6,274,000 after buying an additional 653,173 shares in the last quarter. Finally, Thompson Davis & CO. Inc. acquired a new stake in Planet Labs PBC in the second quarter valued at approximately $121,000. 41.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

PL has been the topic of a number of research analyst reports. Wedbush raised their target price on shares of Planet Labs PBC from $30.00 to $40.00 and gave the company an “outperform” rating in a research report on Friday, March 20th. Northland Securities set a $28.00 target price on shares of Planet Labs PBC in a research report on Tuesday, January 13th. Craig Hallum restated a “buy” rating and issued a $30.00 target price on shares of Planet Labs PBC in a research report on Tuesday, January 13th. The Goldman Sachs Group raised their target price on shares of Planet Labs PBC from $18.00 to $20.00 and gave the company a “neutral” rating in a research report on Monday, April 20th. Finally, Morgan Stanley raised their target price on shares of Planet Labs PBC from $26.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, March 25th. Six research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Planet Labs PBC presently has a consensus rating of “Hold” and an average target price of $29.94.

Planet Labs PBC Price Performance

Shares of NYSE:PL opened at $39.69 on Thursday. The firm has a market cap of $13.74 billion, a PE ratio of -50.89 and a beta of 1.91. The firm’s fifty day moving average is $31.53 and its 200-day moving average is $23.00. The company has a debt-to-equity ratio of 2.37, a quick ratio of 1.64 and a current ratio of 1.65. Planet Labs PBC has a 52 week low of $3.40 and a 52 week high of $41.71.

Insiders Place Their Bets

In other news, insider Robert H. Schingler sold 73,683 shares of Planet Labs PBC 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 transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 Planet Labs PBC stock in a transaction on 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 transaction, the chief financial officer owned 1,895,162 shares in the company, valued at approximately $66,520,186.20. This trade represents a 9.55% decrease in their position. The disclosure for this sale is available in the SEC filing. 17.53% of the stock is currently owned by insiders.

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.