38,952 Shares in Planet Labs PBC $PL Bought by Revere Asset Management Inc

Key Points

• Revere Asset Management initiated a new stake in Planet Labs PBC, buying 38,952 shares valued at about $768,000 in the fourth quarter. The holding represents roughly 0.3% of its portfolio.
• Several other institutional investors also increased their positions, and overall institutional ownership stands at 41.71%. That suggests ongoing interest from hedge funds and asset managers.
• Insider selling was notable: CFO Ashley F. Johnson sold 200,000 shares and insider Robert H. Schingler sold 73,683 shares under a Rule 10b5-1 plan. Meanwhile, analysts remain mixed, with a consensus Hold rating and an average target price of $30.61.

Revere Asset Management Inc bought a new position in shares of Planet Labs PBC (NYSE:PL - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund bought 38,952 shares of the company's stock, valued at approximately $768,000. Planet Labs PBC makes up about 0.3% of Revere Asset Management Inc's investment portfolio, making the stock its 19th biggest position.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Wellington Shields & Co. LLC increased its holdings in shares of Planet Labs PBC by 2.8% in the 4th quarter. Wellington Shields & Co. LLC now owns 15,776 shares of the company's stock valued at $311,000 after acquiring an additional 435 shares during the last quarter. Wealthfront Advisers LLC increased its holdings in shares of Planet Labs PBC by 5.4% in the 4th quarter. Wealthfront Advisers LLC now owns 12,715 shares of the company's stock valued at $251,000 after acquiring an additional 657 shares during the last quarter. Pictet Asset Management Holding SA increased its holdings in shares of Planet Labs PBC by 2.1% in the 4th quarter. Pictet Asset Management Holding SA now owns 33,090 shares of the company's stock valued at $653,000 after acquiring an additional 690 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Planet Labs PBC by 2.6% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 31,264 shares of the company's stock valued at $406,000 after acquiring an additional 781 shares during the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of Planet Labs PBC by 3.6% in the 3rd quarter. Victory Capital Management Inc. now owns 25,855 shares of the company's stock valued at $336,000 after acquiring an additional 896 shares during the last quarter. 41.71% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Planet Labs PBC

In related news, insider Robert H. Schingler sold 73,683 shares of the company'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 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ashley F. Johnson sold 200,000 shares of the company's stock in a transaction dated Thursday, April 2nd. The shares were 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 approximately $66,520,186.20. This trade represents a 9.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 17.53% of the stock is owned by corporate insiders.

Planet Labs PBC Stock Up 0.1%

Shares of NYSE PL opened at $44.39 on Tuesday. The stock has a market cap of $15.36 billion, a PE ratio of -56.91 and a beta of 1.91. The company has a quick ratio of 1.64, a current ratio of 1.65 and a debt-to-equity ratio of 2.37. Planet Labs PBC has a 52-week low of $3.53 and a 52-week high of $45.78. The business has a 50-day moving average price of $35.75 and a 200 day moving average price of $25.60.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. New Street Research assumed coverage on Planet Labs PBC in a report on Wednesday, May 13th. They issued a "sell" rating and a $28.00 price objective on the stock. Morgan Stanley increased their price objective on Planet Labs PBC from $26.00 to $35.00 and gave the company an "equal weight" rating in a report on Wednesday, March 25th. Weiss Ratings upgraded Planet Labs PBC from a "sell (e+)" rating to a "sell (d-)" rating in a report on Monday, May 18th. Citigroup increased their price objective on Planet Labs PBC from $30.00 to $35.00 and gave the company a "buy" rating in a report on Thursday, April 2nd. Finally, The Goldman Sachs Group increased their price objective on Planet Labs PBC from $18.00 to $20.00 and gave the company a "neutral" rating in a report on Monday, April 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 company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $30.61.

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.

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