39,519 Shares in Planet Labs PBC $PL Purchased by Fifth Third Bancorp

Fifth Third Bancorp bought a new stake in shares of Planet Labs PBC (NYSE:PL) during the first quarter, HoldingsChannel reports. The institutional investor bought 39,519 shares of the company’s stock, valued at approximately $1,105,000.

A number of other large investors also recently added to or reduced their stakes in PL. AQR Capital Management LLC grew its position in shares of Planet Labs PBC by 671.1% during the 1st quarter. AQR Capital Management LLC now owns 92,693 shares of the company’s stock worth $313,000 after buying an additional 80,672 shares during the period. Integrated Wealth Concepts LLC acquired a new position in Planet Labs PBC in the first quarter valued at approximately $189,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Planet Labs PBC by 6.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 130,798 shares of the company’s stock valued at $442,000 after buying an additional 8,143 shares during the period. Goldman Sachs Group Inc. boosted its stake in Planet Labs PBC by 54.3% in the first quarter. Goldman Sachs Group Inc. now owns 1,856,245 shares of the company’s stock valued at $6,274,000 after acquiring an additional 653,173 shares during the last quarter. Finally, Thompson Davis & CO. Inc. bought a new position in Planet Labs PBC in the second quarter valued at approximately $121,000. 41.71% of the stock is currently owned by institutional investors and hedge funds.

Planet Labs PBC Trading Down 8.5%

Shares of NYSE PL opened at $20.46 on Friday. The company’s fifty day moving average is $32.86 and its 200-day moving average is $30.64. The stock has a market cap of $7.29 billion, a price-to-earnings ratio of -17.95 and a beta of 2.06. 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.

Planet Labs PBC (NYSE:PL) last released its quarterly earnings data 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 business had revenue of $94.15 million during the quarter, compared to analysts’ expectations of $90.39 million. The company’s quarterly revenue was up 42.1% on a year-over-year basis. Equities research analysts predict that Planet Labs PBC will post -0.92 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Citigroup lifted their target price on shares of Planet Labs PBC from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, April 2nd. Craig Hallum increased their price target on Planet Labs PBC from $36.00 to $49.00 and gave the company a “buy” rating in a research note on Friday, June 5th. Needham & Company LLC raised their price target on Planet Labs PBC from $40.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, June 5th. Northland Securities set a $50.00 price objective on Planet Labs PBC in a research note on Friday, June 5th. Finally, Wedbush began coverage on Planet Labs PBC in a report on Wednesday, July 1st. They issued an “outperform” rating and a $50.00 price objective for the company. Six research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $35.36.

Insider Transactions at Planet Labs PBC

In other news, Director John W. Raymond sold 6,494 shares of the firm’s stock in a transaction dated Monday, July 13th. The stock was sold at an average price of $26.16, for a total transaction of $169,883.04. Following the sale, the director owned 37,114 shares of the company’s stock, valued at $970,902.24. This trade represents a 14.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Robert H. Schingler sold 64,593 shares of the firm’s stock in a transaction dated Friday, July 10th. The stock was sold at an average price of $25.92, for a total value of $1,674,250.56. Following the sale, the insider directly owned 825,541 shares in the company, valued at approximately $21,398,022.72. This represents a 7.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 96,087 shares of company stock valued at $2,492,134. 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.