Arrowstreet Capital Limited Partnership Buys 861,306 Shares of Planet Labs PBC $PL

Arrowstreet Capital Limited Partnership increased its stake in Planet Labs PBC (NYSE:PL) by 80.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,932,381 shares of the company’s stock after buying an additional 861,306 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in Planet Labs PBC were worth $54,010,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. American Capital Advisory LLC acquired a new position in Planet Labs PBC during the first quarter worth $28,000. Parkside Financial Bank & Trust lifted its stake in Planet Labs PBC by 92.5% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company’s stock valued at $31,000 after acquiring an additional 745 shares during the last quarter. Baillie Gifford & Co. acquired a new stake in Planet Labs PBC in the fourth quarter valued at $32,000. Pittenger & Anderson Inc. lifted its stake in Planet Labs PBC by 40.9% in the first quarter. Pittenger & Anderson Inc. now owns 1,360 shares of the company’s stock valued at $38,000 after acquiring an additional 395 shares during the last quarter. Finally, Larson Financial Group LLC bought a new position in shares of Planet Labs PBC in the 3rd quarter valued at about $39,000. 41.71% of the stock is owned by institutional investors.

Insider Buying and Selling at Planet Labs PBC

In other Planet Labs PBC news, Director John W. Raymond sold 6,494 shares of the company’s stock in a transaction dated Monday, July 13th. The stock was sold at an average price of $26.16, for a total value of $169,883.04. Following the completion of the transaction, the director owned 37,114 shares of the company’s stock, valued at $970,902.24. This represents a 14.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Robert H. Schingler sold 25,000 shares of Planet Labs PBC stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $25.92, for a total value of $648,000.00. Following the sale, the insider directly owned 225,171 shares in the company, valued at $5,836,432.32. The trade was a 9.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 96,087 shares of company stock worth $2,492,134. 16.42% of the stock is currently owned by company insiders.

Planet Labs PBC Stock Performance

Shares of Planet Labs PBC stock opened at $21.05 on Tuesday. Planet Labs PBC has a fifty-two week low of $5.87 and a fifty-two week high of $51.76. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.81 and a quick ratio of 2.78. The firm has a market capitalization of $7.50 billion, a P/E ratio of -18.47 and a beta of 2.06. The company’s 50 day moving average price is $32.45 and its two-hundred day moving average price is $30.70.

Planet Labs PBC (NYSE:PL) last posted its earnings results on Thursday, June 4th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. The firm had revenue of $94.15 million for the quarter, compared to analysts’ expectations 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 company’s revenue was up 42.1% on a year-over-year basis. On average, equities analysts forecast that Planet Labs PBC will post -0.92 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on PL shares. Wedbush assumed coverage on shares of Planet Labs PBC in a research note on Wednesday, July 1st. They set an “outperform” rating and a $50.00 price objective on the stock. Needham & Company LLC raised their target price on shares of Planet Labs PBC from $40.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, June 5th. Northland Securities set a $50.00 price target on Planet Labs PBC in a report on Friday, June 5th. The Goldman Sachs Group boosted their price target on Planet Labs PBC from $22.00 to $25.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 14th. Finally, New Street Research started coverage on Planet Labs PBC in a research note on Wednesday, May 13th. They issued a “sell” rating and a $28.00 price objective on the stock. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $35.36.

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.