AXQ Capital LP Purchases 24,944 Shares of Planet Labs PBC $PL

AXQ Capital LP boosted its position in Planet Labs PBC (NYSE:PL) by 95.8% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 50,986 shares of the company’s stock after acquiring an additional 24,944 shares during the quarter. AXQ Capital LP’s holdings in Planet Labs PBC were worth $662,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in 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. Vanguard Group Inc. increased its stake in shares of Planet Labs PBC by 9.7% in the third quarter. Vanguard Group Inc. now owns 18,551,697 shares of the company’s stock worth $240,801,000 after purchasing an additional 1,637,880 shares during the period. Marshall Wace LLP lifted its position in shares of Planet Labs PBC by 10,305.7% during the 2nd quarter. Marshall Wace LLP now owns 1,509,248 shares of the company’s stock worth $9,206,000 after purchasing an additional 1,494,744 shares during the last quarter. Jump Financial LLC bought a new stake in Planet Labs PBC during the 2nd quarter valued at approximately $7,723,000. Finally, Bank of America Corp DE boosted its stake in Planet Labs PBC by 477.9% during the 2nd quarter. Bank of America Corp DE now owns 1,349,603 shares of the company’s stock valued at $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.

Insiders Place Their Bets

In related news, Director Kristen Robinson sold 47,835 shares of the company’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $26.96, for a total transaction of $1,289,631.60. Following the transaction, the director owned 222,897 shares in the company, valued at $6,009,303.12. This represents a 17.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Vijaya Gadde sold 20,000 shares of the firm’s stock in a transaction dated Thursday, January 22nd. The shares were sold at an average price of $26.77, for a total transaction of $535,400.00. Following the completion of the sale, the director owned 250,169 shares of the company’s stock, valued at $6,697,024.13. The trade was a 7.40% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 292,348 shares of company stock valued at $7,323,958. 17.53% of the stock is owned by corporate insiders.

Planet Labs PBC Stock Up 3.9%

Shares of PL opened at $24.70 on Wednesday. The company has a market capitalization of $7.75 billion, a P/E ratio of -58.81 and a beta of 1.94. 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 one year low of $2.79 and a one year high of $30.90. The business’s 50 day simple moving average is $23.15 and its 200-day simple moving average is $15.58.

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

Analyst Ratings Changes

PL has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft lifted their price target on Planet Labs PBC from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $16.40 target price on shares of Planet Labs PBC in a research report on Tuesday, January 20th. Morgan Stanley upped their target price on shares of Planet Labs PBC from $20.00 to $26.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 13th. Wedbush raised their price target on shares of Planet Labs PBC from $20.00 to $28.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 13th. Finally, Northland Securities set a $28.00 price objective on shares of Planet Labs PBC in a report on Tuesday, January 13th. 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 stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average 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.