533,917 Shares in Planet Labs PBC $PL Bought by Ranger Investment Management L.P.

Key Points

• Ranger Investment Management acquired 533,917 Planet Labs shares worth approximately $17.7 million, representing about 0.15% of the company. Institutional investors collectively own 41.71% of the stock.
• Planet Labs reported quarterly revenue of $94.15 million, up 42.1% year over year, and posted an adjusted loss of $0.03 per share, beating analyst expectations. However, the company continues to have deeply negative margins and return on equity.
• Insiders sold 171,122 shares worth about $4.15 million over the past 90 days. Analysts maintain a consensus “Hold” rating with an average price target of $35.36, above the stock’s reported $22.32 opening price.

Ranger Investment Management L.P. acquired a new stake in shares of Planet Labs PBC (NYSE:PL - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 533,917 shares of the company's stock, valued at approximately $17,689,000. Ranger Investment Management L.P. owned about 0.15% of Planet Labs PBC as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Planet Labs PBC by 4.3% during the 4th quarter. Vanguard Group Inc. now owns 19,358,515 shares of the company's stock valued at $381,750,000 after buying an additional 806,818 shares in the last quarter. Canada Pension Plan Investment Board grew its position in Planet Labs PBC by 0.3% in the second quarter. Canada Pension Plan Investment Board now owns 7,820,400 shares of the company's stock worth $47,704,000 after acquiring an additional 20,400 shares in the last quarter. Van ECK Associates Corp grew its position in Planet Labs PBC by 320.3% in the fourth quarter. Van ECK Associates Corp now owns 7,678,938 shares of the company's stock worth $151,429,000 after acquiring an additional 5,851,758 shares in the last quarter. Geode Capital Management LLC increased its stake in Planet Labs PBC by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 5,702,642 shares of the company's stock worth $112,475,000 after acquiring an additional 71,381 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in Planet Labs PBC by 7.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 4,137,871 shares of the company's stock worth $81,599,000 after acquiring an additional 301,757 shares during the last quarter. 41.71% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Planet Labs PBC

In other news, CFO Ashley F. Johnson sold 75,035 shares of the business's stock in a transaction on Thursday, July 23rd. The shares were sold at an average price of $22.08, for a total transaction of $1,656,772.80. Following the completion of the sale, the chief financial officer directly owned 1,132,122 shares of the company's stock, valued at approximately $24,997,253.76. The trade was a 6.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Robert H. Schingler sold 25,000 shares of the business's stock in a transaction on Friday, July 10th. The shares were sold at an average price of $25.92, for a total transaction of $648,000.00. Following the sale, the insider directly owned 225,171 shares of the company's stock, valued at $5,836,432.32. This represents a 9.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 171,122 shares of company stock worth $4,148,906. 16.42% of the stock is currently owned by insiders.

Planet Labs PBC Stock Up 0.1%

Shares of NYSE:PL opened at $22.32 on Monday. The firm has a market capitalization of $7.95 billion, a PE ratio of -19.58 and a beta of 2.11. The business has a 50 day simple moving average of $25.24 and a two-hundred day simple moving average of $30.24. Planet Labs PBC has a 1 year low of $6.26 and a 1 year 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.

Planet Labs PBC (NYSE:PL - Get Free Report) last issued its quarterly earnings results on Thursday, June 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.04) by $0.01. Planet Labs PBC had a negative return on equity of 105.29% and a negative net margin of 111.17%.The firm had revenue of $94.15 million during the quarter, compared to analyst estimates of $90.39 million. Planet Labs PBC's quarterly revenue was up 42.1% compared to the same quarter last year. On average, equities analysts predict that Planet Labs PBC will post -0.92 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Northland Securities set a $50.00 price objective on Planet Labs PBC in a research note on Friday, June 5th. The Goldman Sachs Group boosted their target price on Planet Labs PBC from $22.00 to $25.00 and gave the company a "neutral" rating in a research report on Tuesday, July 14th. Weiss Ratings upgraded Planet Labs PBC from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Monday, June 15th. Zacks Research raised shares of Planet Labs PBC from a "strong sell" rating to a "hold" rating in a research note on Thursday, July 2nd. Finally, Needham & Company LLC boosted their price objective on shares of Planet Labs PBC from $40.00 to $53.00 and gave the company a "buy" rating in a research report on Friday, June 5th. 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's stock. According to data from MarketBeat, Planet Labs PBC presently has a consensus rating of "Hold" and a consensus target price of $35.36.

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.

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