Planet Labs PBC $PL Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. grew its holdings in shares of Planet Labs PBC (NYSE:PL) by 103.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 565,537 shares of the company’s stock after purchasing an additional 287,544 shares during the quarter. Principal Financial Group Inc.’s holdings in Planet Labs PBC were worth $15,807,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its position in Planet Labs PBC by 4.3% during the 4th quarter. Vanguard Group Inc. now owns 19,358,515 shares of the company’s stock worth $381,750,000 after purchasing an additional 806,818 shares in the last quarter. AMI Asset Management Corp purchased a new stake in shares of Planet Labs PBC in the fourth quarter valued at $673,000. Hsbc Holdings PLC acquired a new stake in shares of Planet Labs PBC in the fourth quarter worth $8,457,000. Norges Bank acquired a new stake in shares of Planet Labs PBC in the fourth quarter worth $17,494,000. Finally, State of New Jersey Common Pension Fund D purchased a new position in shares of Planet Labs PBC during the fourth quarter valued at $3,715,000. Institutional investors and hedge funds own 41.71% of the company’s stock.

Planet Labs PBC Stock Performance

Shares of PL stock opened at $22.38 on Friday. Planet Labs PBC has a fifty-two week low of $5.87 and a fifty-two week high of $51.76. The stock’s 50-day moving average is $33.29 and its two-hundred day moving average is $30.71. 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 firm has a market cap of $7.97 billion, a P/E ratio of -19.63 and a beta of 2.06.

Planet Labs PBC (NYSE:PL) last announced its quarterly earnings results on Thursday, June 4th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. The company had revenue of $94.15 million during the quarter, compared to analysts’ expectations of $90.39 million. Planet Labs PBC had a negative return on equity of 105.29% and a negative net margin of 111.17%.The company’s quarterly revenue was up 42.1% compared to the same quarter last year. Analysts predict that Planet Labs PBC will post -0.92 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have commented on PL. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $36.00 price objective on shares of Planet Labs PBC in a research report on Monday, June 15th. The Goldman Sachs Group increased their price target on shares of Planet Labs PBC from $22.00 to $25.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 14th. Northland Securities set a $50.00 price target on shares of Planet Labs PBC in a report on Friday, June 5th. Craig Hallum boosted their price objective on shares of Planet Labs PBC from $36.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, June 5th. Finally, Needham & Company LLC increased their target price on shares of Planet Labs PBC from $40.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, June 5th. Six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Planet Labs PBC currently has an average rating of “Hold” and a consensus price target of $35.36.

Insider Buying and Selling

In other news, insider Robert H. Schingler sold 64,593 shares of the business’s stock in a transaction on Friday, July 10th. The shares were sold at an average price of $25.92, for a total value of $1,674,250.56. Following the completion of the sale, the insider directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John W. Raymond sold 6,494 shares of the company’s stock in a transaction on Monday, July 13th. The stock was sold at an average price of $26.16, for a total transaction of $169,883.04. Following the sale, the director directly owned 37,114 shares of the company’s stock, valued at approximately $970,902.24. This represents a 14.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 96,087 shares of company stock worth $2,492,134. Insiders own 16.42% of the company’s stock.

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.