60,700 Shares in Planet Labs PBC $PL Purchased by Handelsbanken Fonder AB

Handelsbanken Fonder AB bought a new position in shares of Planet Labs PBC (NYSE:PL) in the 4th quarter, Holdings Channel.com reports. The firm bought 60,700 shares of the company’s stock, valued at approximately $1,197,000.

Other institutional investors have also recently made changes to their positions in the company. MCF Advisors LLC purchased a new stake in shares of Planet Labs PBC during the third quarter worth about $32,000. Baillie Gifford & Co. purchased a new stake in shares of Planet Labs PBC during the fourth quarter worth about $32,000. Larson Financial Group LLC purchased a new stake in shares of Planet Labs PBC during the third quarter worth about $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 last quarter. 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 last quarter. Hedge funds and other institutional investors own 41.71% of the company’s stock.

Insider Activity at Planet Labs PBC

In other news, CFO Ashley F. Johnson sold 200,000 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at $66,520,186.20. This trade represents a 9.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Robert H. Schingler sold 73,683 shares of the firm’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 sale, the insider directly owned 256,488 shares of the company’s stock, valued at $8,995,034.16. This represents a 22.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 17.53% of the stock is owned by company insiders.

Planet Labs PBC Price Performance

NYSE:PL opened at $48.35 on Wednesday. The firm has a market capitalization of $16.74 billion, a price-to-earnings ratio of -61.99 and a beta of 1.91. Planet Labs PBC has a 1 year low of $3.66 and a 1 year high of $51.13. The business has a 50 day simple moving average of $36.23 and a 200-day simple moving average of $25.85. The company has a debt-to-equity ratio of 2.37, a current ratio of 1.65 and a quick ratio of 1.64.

Analyst Ratings Changes

A number of brokerages recently commented on PL. Weiss Ratings raised Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, May 18th. Morgan Stanley increased their price target on Planet Labs PBC from $26.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, March 25th. Cantor Fitzgerald increased their price target on Planet Labs PBC from $20.00 to $40.00 and gave the company an “overweight” rating in a research note on Friday, March 20th. Citigroup increased their price target on Planet Labs PBC from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, April 2nd. Finally, Needham & Company LLC increased their price target on Planet Labs PBC to $40.00 and gave the company a “buy” rating in a research note on Friday, March 20th. Six analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Planet Labs PBC presently has an average rating of “Hold” and an average target price of $30.61.

About Planet Labs PBC

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.