Rice Hall James & Associates LLC Lowers Holdings in Planet Labs PBC $PL

Rice Hall James & Associates LLC decreased its holdings in shares of Planet Labs PBC (NYSE:PL) by 33.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 224,987 shares of the company’s stock after selling 113,362 shares during the quarter. Rice Hall James & Associates LLC’s holdings in Planet Labs PBC were worth $4,437,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Public Employees Retirement Association of Colorado purchased a new position in shares of Planet Labs PBC during the 4th quarter worth $631,000. Mariner LLC raised its holdings in Planet Labs PBC by 89.1% in the 4th quarter. Mariner LLC now owns 186,672 shares of the company’s stock valued at $3,681,000 after buying an additional 87,967 shares during the period. Nicholas Investment Partners LP raised its holdings in Planet Labs PBC by 5.4% in the 4th quarter. Nicholas Investment Partners LP now owns 420,841 shares of the company’s stock valued at $8,299,000 after buying an additional 21,708 shares during the period. Entropy Technologies LP lifted its position in Planet Labs PBC by 315.6% in the fourth quarter. Entropy Technologies LP now owns 173,315 shares of the company’s stock valued at $3,418,000 after buying an additional 131,615 shares during the last quarter. Finally, Aigen Investment Management LP acquired a new position in Planet Labs PBC in the fourth quarter valued at about $360,000. Hedge funds and other institutional investors own 41.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PL. Zacks Research cut shares of Planet Labs PBC from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 19th. Cantor Fitzgerald upped their price objective 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. New Street Research began coverage on shares of Planet Labs PBC in a research report on Wednesday, May 13th. They set a “sell” rating and a $28.00 price objective for the company. Needham & Company LLC lifted their target price on shares of Planet Labs PBC from $40.00 to $53.00 and gave the company a “buy” rating in a report on Friday, June 5th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $36.00 target price on shares of Planet Labs PBC in a research report on Monday. Six investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $35.11.

Planet Labs PBC Stock Performance

Shares of Planet Labs PBC stock opened at $30.40 on Tuesday. The stock has a market capitalization of $10.83 billion, a price-to-earnings ratio of -26.67 and a beta of 1.99. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.81 and a quick ratio of 2.78. The business has a 50-day moving average of $38.88 and a 200 day moving average of $28.60. Planet Labs PBC has a 12 month low of $4.90 and a 12 month high of $51.76.

Planet Labs PBC (NYSE:PL) last issued its quarterly earnings results on Thursday, June 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. Planet Labs PBC had a negative net margin of 111.17% and a negative return on equity of 105.29%. The company had revenue of $94.15 million for the quarter, compared to analyst estimates of $90.39 million. Planet Labs PBC’s revenue for the quarter was up 42.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Planet Labs PBC will post -0.81 earnings per share for the current year.

Insider Buying and Selling

In other Planet Labs PBC news, CFO Ashley F. Johnson sold 200,000 shares of the stock in a transaction that occurred on 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 directly owned 1,895,162 shares of the company’s stock, valued at approximately $66,520,186.20. This represents a 9.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Robert H. Schingler sold 73,683 shares of the firm’s 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 completion of the sale, the insider owned 256,488 shares in the company, valued at $8,995,034.16. The trade was a 22.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.42% of the stock is 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.