Principal Financial Group Inc. Sells 170,514 Shares of Planet Labs PBC $PL

Principal Financial Group Inc. lowered its stake in Planet Labs PBC (NYSE:PL) by 37.7% in the third quarter, HoldingsChannel.com reports. The firm owned 282,173 shares of the company’s stock after selling 170,514 shares during the quarter. Principal Financial Group Inc.’s holdings in Planet Labs PBC were worth $3,663,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Canada Pension Plan Investment Board boosted its position in Planet Labs PBC by 0.3% in the 2nd 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 last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Planet Labs PBC by 245.7% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,453,131 shares of the company’s stock valued at $14,964,000 after acquiring an additional 1,743,474 shares during the period. Goldman Sachs Group Inc. lifted its stake 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 valued at $6,274,000 after acquiring an additional 653,173 shares during the period. Marshall Wace LLP boosted its holdings in Planet Labs PBC by 10,305.7% in the second quarter. Marshall Wace LLP now owns 1,509,248 shares of the company’s stock valued at $9,206,000 after acquiring an additional 1,494,744 shares during the last quarter. Finally, Bank of America Corp DE increased its position in Planet Labs PBC by 477.9% in the second quarter. Bank of America Corp DE now owns 1,349,603 shares of the company’s stock worth $8,233,000 after purchasing an additional 1,116,055 shares during the period. Institutional investors and hedge funds own 41.71% of the company’s stock.

Planet Labs PBC Stock Up 5.3%

Planet Labs PBC stock opened at $22.44 on Tuesday. The firm has a market capitalization of $7.04 billion, a price-to-earnings ratio of -53.42 and a beta of 1.94. The company’s 50 day simple moving average is $22.24 and its 200 day simple moving average is $14.84. The company has a debt-to-equity ratio of 1.28, a current ratio of 4.00 and a quick ratio of 4.00. Planet Labs PBC has a fifty-two week low of $2.79 and a fifty-two week high of $30.90.

Planet Labs PBC (NYSE:PL) last posted its earnings results on Wednesday, December 10th. The company reported $0.00 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.02. The company had revenue of $81.25 million for the quarter, compared to analyst estimates of $72.02 million. Planet Labs PBC had a negative net margin of 45.87% and a negative return on equity of 31.01%. The business’s revenue for the quarter was up 32.6% compared to the same quarter last year. During the same period last year, the business posted ($0.02) earnings per share. As a group, sell-side analysts anticipate that Planet Labs PBC will post -0.37 EPS for the current year.

Insiders Place Their Bets

In other Planet Labs PBC news, Director Vijaya Gadde sold 20,000 shares of the business’s stock in a transaction dated Thursday, January 22nd. The stock was sold at an average price of $26.77, for a total value of $535,400.00. Following the completion of the transaction, the director directly owned 250,169 shares of the company’s stock, valued at approximately $6,697,024.13. The trade was a 7.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert H. Schingler sold 73,782 shares of the firm’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 directly owned 1,164,729 shares in the company, valued at approximately $22,537,506.15. This represents a 5.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 292,348 shares of company stock worth $7,323,958. 17.53% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on PL shares. Wedbush upped their target price on shares of Planet Labs PBC from $20.00 to $28.00 and gave the company an “outperform” rating in a research report on Tuesday, January 13th. Needham & Company LLC boosted their price target on shares of Planet Labs PBC from $16.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Citizens Jmp cut shares of Planet Labs PBC from an “outperform” rating to a “market perform” rating in a research note on Tuesday, October 21st. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Planet Labs PBC from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Finally, Zacks Research cut shares of Planet Labs PBC from a “hold” rating to a “strong sell” rating in a research report on Monday, December 22nd. Six analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $21.88.

Planet Labs PBC 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.