Hsbc Holdings PLC Takes Position in Planet Labs PBC $PL

Hsbc Holdings PLC acquired a new position in Planet Labs PBC (NYSE:PL) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 422,185 shares of the company’s stock, valued at approximately $8,457,000. Hsbc Holdings PLC owned 0.13% of Planet Labs PBC at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. 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 acquiring an additional 806,818 shares during the last quarter. Canada Pension Plan Investment Board lifted its position in Planet Labs PBC by 0.3% in the second quarter. Canada Pension Plan Investment Board now owns 7,820,400 shares of the company’s stock valued at $47,704,000 after purchasing an additional 20,400 shares during the last quarter. Van ECK Associates Corp lifted its position in Planet Labs PBC by 320.3% in the fourth quarter. Van ECK Associates Corp now owns 7,678,938 shares of the company’s stock valued at $151,429,000 after purchasing an additional 5,851,758 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Planet Labs PBC by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 5,702,642 shares of the company’s stock valued at $112,475,000 after purchasing an additional 71,381 shares during the period. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Planet Labs PBC by 7.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 4,137,871 shares of the company’s stock valued at $81,599,000 after purchasing an additional 301,757 shares during the period. Institutional investors own 41.71% of the company’s stock.

Planet Labs PBC Stock Up 2.1%

Shares of NYSE PL opened at $27.07 on Friday. The company has a current ratio of 2.81, a quick ratio of 2.78 and a debt-to-equity ratio of 1.01. Planet Labs PBC has a 12 month low of $5.87 and a 12 month high of $51.76. The firm has a market capitalization of $9.65 billion, a PE ratio of -23.74 and a beta of 1.99. The firm has a fifty day simple moving average of $37.60 and a two-hundred day simple moving average of $29.47.

Planet Labs PBC (NYSE:PL) last announced its earnings results on Thursday, June 4th. The company reported ($0.03) earnings per share for the quarter, beating 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 firm had revenue of $94.15 million for the quarter, compared to analyst estimates of $90.39 million. The business’s revenue was up 42.1% compared to the same quarter last year. Equities analysts expect that Planet Labs PBC will post -0.92 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently commented on PL. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $22.00 target price on shares of Planet Labs PBC in a research note on Thursday, June 11th. Craig Hallum increased their price target 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. Needham & Company LLC raised their price target on shares of Planet Labs PBC from $40.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, June 5th. 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. Finally, Wedbush reiterated an “outperform” rating and set a $50.00 target price on shares of Planet Labs PBC in a report on Friday, June 5th. Six research analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, Planet Labs PBC presently has an average rating of “Hold” and a consensus target price of $35.11.

Insider Activity

In other Planet Labs PBC news, CFO Ashley F. Johnson sold 200,000 shares of Planet Labs PBC stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $35.10, for a total transaction 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. The trade was a 9.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Robert H. Schingler sold 73,683 shares of the company’s stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $35.07, for a total value of $2,584,062.81. Following the transaction, the insider owned 256,488 shares in the company, valued at $8,995,034.16. This trade represents a 22.32% decrease in their position. 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. Company insiders own 16.42% of the company’s stock.

Planet Labs PBC Company 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.