OP Asset Management Ltd Takes $770,000 Position in Planet Labs PBC $PL

OP Asset Management Ltd purchased a new stake in shares of Planet Labs PBC (NYSE:PL) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 27,565 shares of the company’s stock, valued at approximately $770,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Brookstone Capital Management bought a new stake in Planet Labs PBC in the 1st quarter worth about $509,000. SG Americas Securities LLC lifted its position in shares of Planet Labs PBC by 47.4% during the 1st quarter. SG Americas Securities LLC now owns 35,129 shares of the company’s stock worth $982,000 after buying an additional 11,290 shares in the last quarter. First Community Trust NA bought a new position in shares of Planet Labs PBC during the 1st quarter worth approximately $115,000. Polianta Ltd purchased a new position in shares of Planet Labs PBC in the 1st quarter worth approximately $1,338,000. Finally, Hsbc Holdings PLC purchased a new position in shares of Planet Labs PBC in the 4th quarter worth approximately $8,457,000. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

Planet Labs PBC Price Performance

PL opened at $33.11 on Wednesday. The firm has a 50-day moving average price of $37.32 and a 200-day moving average price of $29.86. Planet Labs PBC has a twelve month low of $5.87 and a twelve month high of $51.76. The company has a quick ratio of 2.78, a current ratio of 2.81 and a debt-to-equity ratio of 1.01. The company has a market capitalization of $11.80 billion, a price-to-earnings ratio of -29.05 and a beta of 1.99.

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

Insiders Place Their Bets

In other Planet Labs PBC news, insider Robert H. Schingler sold 73,683 shares of the firm’s stock in a transaction dated 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 completion of 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. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ashley F. Johnson sold 200,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief financial officer owned 1,895,162 shares of the company’s stock, valued at approximately $66,520,186.20. This represents a 9.55% decrease in their position. The SEC filing for this sale provides additional information. 16.42% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

PL has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $36.00 price target on shares of Planet Labs PBC in a research report on Monday, June 15th. Cantor Fitzgerald boosted their price objective on Planet Labs PBC from $20.00 to $40.00 and gave the stock an “overweight” rating in a research report on Friday, March 20th. New Street Research initiated coverage on Planet Labs PBC in a research note on Wednesday, May 13th. They issued a “sell” rating and a $28.00 price objective for the company. Citigroup raised their target price on Planet Labs PBC from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, April 2nd. Finally, Craig Hallum lifted their target price on Planet Labs PBC from $36.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, June 5th. Six analysts have rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $35.11.

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.