Connective Portfolio Management LLC Lowers Stake in Planet Labs PBC $PL

Connective Portfolio Management LLC lowered its holdings in shares of Planet Labs PBC (NYSE:PL) by 70.0% during the 1st quarter, HoldingsChannel reports. The fund owned 24,000 shares of the company’s stock after selling 56,000 shares during the period. Planet Labs PBC accounts for approximately 1.8% of Connective Portfolio Management LLC’s portfolio, making the stock its 18th biggest holding. Connective Portfolio Management LLC’s holdings in Planet Labs PBC were worth $671,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Parkside Financial Bank & Trust increased its stake in shares of Planet Labs PBC by 92.5% during the fourth 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. bought a new stake in shares of Planet Labs PBC in the 4th quarter worth approximately $32,000. Larson Financial Group LLC bought a new stake in shares of Planet Labs PBC in the 3rd quarter worth approximately $39,000. GAMMA Investing LLC boosted its position in shares of Planet Labs PBC by 146.4% in the 4th quarter. GAMMA Investing LLC now owns 2,011 shares of the company’s stock worth $40,000 after purchasing an additional 1,195 shares in the last quarter. Finally, North Star Investment Management Corp. grew its stake in shares of Planet Labs PBC by 1,111.1% in the 4th quarter. North Star Investment Management Corp. now owns 2,180 shares of the company’s stock worth $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 Planet Labs PBC news, 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 transaction of $7,020,000.00. Following the sale, the chief financial officer directly owned 1,895,162 shares in the company, valued at approximately $66,520,186.20. This trade represents a 9.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Robert H. Schingler sold 73,683 shares of Planet Labs PBC stock in a transaction 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 completion of the sale, the insider directly owned 256,488 shares of the company’s stock, valued at approximately $8,995,034.16. The trade was a 22.32% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on PL shares. Wedbush reaffirmed an “outperform” rating and set a $50.00 price objective on shares of Planet Labs PBC in a research report on Friday, June 5th. Cantor Fitzgerald boosted their target price on Planet Labs PBC from $20.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, March 20th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $36.00 target price on shares of Planet Labs PBC in a research note on Monday, June 15th. Zacks Research downgraded Planet Labs PBC from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 19th. Finally, The Goldman Sachs Group restated a “neutral” rating and set a $22.00 price target on shares of Planet Labs PBC in a report on Thursday, June 11th. Six equities research 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. Based on data from MarketBeat, Planet Labs PBC presently has an average rating of “Hold” and a consensus price target of $35.11.

Planet Labs PBC Trading Down 0.2%

Shares of NYSE PL opened at $28.18 on Friday. The firm’s 50 day moving average price is $38.29 and its 200-day moving average price is $28.94. Planet Labs PBC has a 52-week low of $4.90 and a 52-week high of $51.76. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.78 and a current ratio of 2.81. The company has a market cap of $10.04 billion, a PE ratio of -24.72 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) earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $90.39 million. The business’s revenue for the quarter was up 42.1% compared to the same quarter last year. On average, equities research analysts expect that Planet Labs PBC will post -0.92 EPS for the current fiscal year.

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.