Los Angeles Capital Management LLC Acquires 22,915 Shares of Planet Labs PBC $PL

Los Angeles Capital Management LLC raised its holdings in shares of Planet Labs PBC (NYSE:PL) by 49.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 69,356 shares of the company’s stock after buying an additional 22,915 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Planet Labs PBC were worth $1,368,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Barclays PLC boosted its position in shares of Planet Labs PBC by 758.1% during the 3rd quarter. Barclays PLC now owns 3,727,743 shares of the company’s stock valued at $48,386,000 after acquiring an additional 3,293,333 shares during the last quarter. Invesco Ltd. raised its stake in Planet Labs PBC by 265.6% in the third quarter. Invesco Ltd. now owns 3,450,479 shares of the company’s stock valued at $44,787,000 after purchasing an additional 2,506,595 shares in the last quarter. Two Sigma Investments LP raised its stake in Planet Labs PBC by 257.5% in the third quarter. Two Sigma Investments LP now owns 2,362,275 shares of the company’s stock valued at $30,662,000 after purchasing an additional 1,701,535 shares in the last quarter. Vanguard Group Inc. lifted its position in Planet Labs PBC by 9.7% during the third quarter. Vanguard Group Inc. now owns 18,551,697 shares of the company’s stock valued at $240,801,000 after purchasing an additional 1,637,880 shares during the last quarter. Finally, Marshall Wace LLP grew its stake in Planet Labs PBC by 10,305.7% in the 2nd quarter. Marshall Wace LLP now owns 1,509,248 shares of the company’s stock worth $9,206,000 after buying an additional 1,494,744 shares in the last quarter. Hedge funds and other institutional investors own 41.71% of the company’s stock.

Wall Street Analyst Weigh In

PL has been the topic of a number of research analyst reports. Cantor Fitzgerald increased their price target on shares of Planet Labs PBC from $20.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, March 20th. Deutsche Bank Aktiengesellschaft set a $38.00 target price on shares of Planet Labs PBC and gave the stock a “buy” rating in a research report on Friday, March 27th. Citigroup increased their target price on Planet Labs PBC from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, April 2nd. Needham & Company LLC raised their price target on Planet Labs PBC from $40.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, June 5th. Finally, Wedbush reaffirmed an “outperform” rating and set a $50.00 price target on shares of Planet Labs PBC in a research note on Friday, June 5th. Six research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price 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 Trading Down 1.3%

Shares of PL opened at $30.76 on Thursday. Planet Labs PBC has a fifty-two week low of $4.90 and a fifty-two week high of $51.76. The firm has a market cap of $10.65 billion, a price-to-earnings ratio of -26.98 and a beta of 1.99. The firm has a 50 day moving average price of $38.86 and a 200-day moving average price of $28.17. 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 (NYSE:PL) last released its earnings results on Thursday, June 4th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.01. The company had revenue of $94.15 million for the quarter, compared to analyst estimates 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 quarterly revenue was up 42.1% on a year-over-year basis. As a group, equities research analysts forecast that Planet Labs PBC will post -0.45 earnings per share 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.