ArrowMark Colorado Holdings LLC Lowers Stake in Planet Labs PBC $PL

ArrowMark Colorado Holdings LLC cut its position in shares of Planet Labs PBC (NYSE:PL) by 31.9% during the 3rd quarter, Holdings Channel.com reports. The firm owned 724,958 shares of the company’s stock after selling 340,000 shares during the period. ArrowMark Colorado Holdings LLC’s holdings in Planet Labs PBC were worth $9,410,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in PL. Barclays PLC increased its stake in Planet Labs PBC by 758.1% in the 3rd quarter. Barclays PLC now owns 3,727,743 shares of the company’s stock worth $48,386,000 after purchasing an additional 3,293,333 shares during the period. Invesco Ltd. grew its position in shares of Planet Labs PBC by 265.6% in the 3rd quarter. Invesco Ltd. now owns 3,450,479 shares of the company’s stock worth $44,787,000 after buying an additional 2,506,595 shares during the last quarter. Two Sigma Investments LP increased its position in Planet Labs PBC by 257.5% during the 3rd 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 during the period. Vanguard Group Inc. increased its position in shares of 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 buying an additional 1,637,880 shares during the period. Finally, Marshall Wace LLP boosted its position in 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 valued at $9,206,000 after acquiring an additional 1,494,744 shares in the last quarter. Institutional investors own 41.71% of the company’s stock.

Planet Labs PBC Stock Performance

NYSE:PL opened at $24.79 on Monday. The stock’s fifty day moving average is $24.64 and its 200 day moving average is $17.27. The firm has a market capitalization of $7.78 billion, a PE ratio of -59.02 and a beta of 1.95. The company has a debt-to-equity ratio of 1.28, a quick ratio of 4.00 and a current 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.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Morgan Stanley boosted their price objective on shares of Planet Labs PBC from $20.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 13th. National Bank Financial set a $12.30 target price on shares of Planet Labs PBC in a research note on Tuesday, December 16th. Wedbush boosted their price target on Planet Labs PBC from $20.00 to $28.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 13th. Craig Hallum restated a “buy” rating and set a $30.00 price objective on shares of Planet Labs PBC in a research report on Tuesday, January 13th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Planet Labs PBC in a research report on Thursday, December 11th. Six investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Planet Labs PBC currently has a consensus rating of “Hold” and a consensus price target of $21.88.

Insider Activity at Planet Labs PBC

In related news, insider Robert H. Schingler sold 73,782 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the insider owned 1,164,729 shares in the company, valued at approximately $22,537,506.15. The trade was a 5.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Vijaya Gadde sold 20,000 shares of the stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $26.77, for a total value of $535,400.00. Following the transaction, the director directly owned 250,169 shares in the company, valued at $6,697,024.13. The trade was a 7.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 292,348 shares of company stock valued at $7,323,958 over the last ninety days. Company insiders own 17.53% of the company’s stock.

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.