AMI Asset Management Corp Sells 20,755 Shares of Planet Labs PBC $PL

AMI Asset Management Corp decreased its holdings in Planet Labs PBC (NYSE:PL) by 60.8% in the 1st quarter, Holdings Channel.com reports. The firm owned 13,376 shares of the company’s stock after selling 20,755 shares during the period. AMI Asset Management Corp’s holdings in Planet Labs PBC were worth $374,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of PL. Parkside Financial Bank & Trust grew its position in shares of Planet Labs PBC by 92.5% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company’s stock valued at $31,000 after purchasing an additional 745 shares in the last quarter. Baillie Gifford & Co. purchased a new stake in shares of Planet Labs PBC in the fourth quarter worth $32,000. Larson Financial Group LLC purchased a new stake in shares of Planet Labs PBC in the third quarter worth $39,000. GAMMA Investing LLC boosted its stake in Planet Labs PBC by 146.4% during the fourth quarter. GAMMA Investing LLC now owns 2,011 shares of the company’s stock valued at $40,000 after buying an additional 1,195 shares during the period. Finally, North Star Investment Management Corp. boosted its stake in Planet Labs PBC by 1,111.1% during the fourth quarter. North Star Investment Management Corp. now owns 2,180 shares of the company’s stock valued at $43,000 after buying an additional 2,000 shares during the period. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Robert H. Schingler sold 73,683 shares of Planet Labs PBC stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $35.07, for a total transaction of $2,584,062.81. Following the completion of the transaction, the insider directly owned 256,488 shares in the company, valued at approximately $8,995,034.16. This trade represents a 22.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ashley F. Johnson sold 200,000 shares of the stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $35.10, for a total value of $7,020,000.00. Following the completion of the sale, the chief financial officer directly owned 1,895,162 shares in the company, valued at approximately $66,520,186.20. This represents a 9.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 16.42% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on PL shares. Citigroup raised their price target on Planet Labs PBC from $30.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, April 2nd. Craig Hallum boosted their price objective on Planet Labs PBC from $36.00 to $49.00 and gave the stock a “buy” rating in a report on Friday, June 5th. Weiss Ratings upgraded shares of Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 15th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $36.00 target price on shares of Planet Labs PBC in a research note on Monday, June 15th. Finally, Zacks Research lowered shares of Planet Labs PBC from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 19th. Six equities 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. Based on data from MarketBeat.com, Planet Labs PBC presently has a consensus rating of “Hold” and an average target price of $35.11.

Planet Labs PBC Trading Up 15.4%

Shares of PL stock opened at $31.23 on Tuesday. The business has a 50-day moving average of $37.43 and a 200 day moving average of $29.72. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.81 and a quick ratio of 2.78. Planet Labs PBC has a 1-year low of $5.87 and a 1-year high of $51.76. The stock has a market capitalization of $11.13 billion, a PE ratio of -27.40 and a beta of 1.99.

Planet Labs PBC (NYSE:PL) last issued its quarterly earnings data on Thursday, June 4th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.01. The firm had revenue of $94.15 million during the quarter, compared to the consensus estimate of $90.39 million. Planet Labs PBC had a negative net margin of 111.17% and a negative return on equity of 105.29%. The firm’s revenue for the quarter was up 42.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Planet Labs PBC will post -0.92 earnings per share for the current year.

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.