AMI Asset Management Corp Acquires Shares of 34,131 Planet Labs PBC $PL

Key Points

• AMI Asset Management established a new stake in Planet Labs (NYSE:PL), acquiring 34,131 shares in Q4 valued at about $673,000.
• Insiders sold heavily in recent months—492,249 shares worth roughly $15.5 million (including CFO Ashley F. Johnson's 200,000-share sale and Robert H. Schingler's 73,683-share sale)—while institutional investors own about 41.71% of the stock (Vanguard holds ~18.55M shares after adding 1.64M).
• Planet Labs reported an EPS miss (‑$0.48 vs. ‑$0.05 est.) despite revenue rising 41.1% to $86.82M; shares trade near $34.22 (market cap ~$11.85B) with a consensus analyst rating of Hold and an average price target of $29.61.

AMI Asset Management Corp acquired a new stake in Planet Labs PBC (NYSE:PL - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 34,131 shares of the company's stock, valued at approximately $673,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in shares of Planet Labs PBC by 9.7% during the 3rd quarter. Vanguard Group Inc. now owns 18,551,697 shares of the company's stock worth $240,801,000 after buying an additional 1,637,880 shares during the period. Canada Pension Plan Investment Board grew its position in shares of Planet Labs PBC by 0.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 7,820,400 shares of the company's stock worth $47,704,000 after buying an additional 20,400 shares during the period. Barclays PLC grew its position in shares of Planet Labs PBC by 758.1% during the 3rd quarter. Barclays PLC now owns 3,727,743 shares of the company's stock worth $48,386,000 after buying an additional 3,293,333 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Planet Labs PBC by 51.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,705,913 shares of the company's stock worth $48,103,000 after buying an additional 1,252,782 shares during the period. Finally, Invesco Ltd. grew its position in shares of Planet Labs PBC by 265.6% during the 3rd quarter. Invesco Ltd. now owns 3,450,479 shares of the company's stock worth $44,787,000 after buying an additional 2,506,595 shares during the period. Institutional investors and hedge funds own 41.71% of the company's stock.

Planet Labs PBC Stock Down 1.3%

Shares of NYSE PL opened at $34.22 on Tuesday. The stock has a market cap of $11.85 billion, a P/E ratio of -43.87 and a beta of 1.83. The firm has a 50 day moving average price of $27.28 and a 200 day moving average price of $20.63. The company has a debt-to-equity ratio of 2.37, a quick ratio of 1.64 and a current ratio of 1.65. Planet Labs PBC has a 52-week low of $2.92 and a 52-week high of $38.21.

Planet Labs PBC (NYSE:PL - Get Free Report) last issued its quarterly earnings data on Thursday, March 19th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.43). Planet Labs PBC had a negative net margin of 80.22% and a negative return on equity of 69.61%. The firm had revenue of $86.82 million for the quarter, compared to analyst estimates of $78.17 million. The business's quarterly revenue was up 41.1% compared to the same quarter last year. Analysts expect that Planet Labs PBC will post -0.37 EPS for the current year.

Insider Activity at Planet Labs PBC

In other Planet Labs PBC news, insider Robert H. Schingler sold 73,683 shares of Planet Labs PBC stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $35.07, for a total value of $2,584,062.81. Following the transaction, the insider 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 ownership of the stock. The sale was disclosed in a filing with the SEC, 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 business's 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 completion of the sale, the chief financial officer directly owned 1,895,162 shares in the company, valued at approximately $66,520,186.20. This represents a 9.55% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 492,249 shares of company stock worth $15,500,339. Corporate insiders own 17.53% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently commented on PL. Northland Securities set a $28.00 price target on shares of Planet Labs PBC in a research report on Tuesday, January 13th. National Bank Financial set a $12.30 price target on shares of Planet Labs PBC in a research report on Tuesday, December 16th. Needham & Company LLC lifted their price target on shares of Planet Labs PBC to $40.00 and gave the stock a "buy" rating in a research report on Friday, March 20th. Deutsche Bank Aktiengesellschaft set a $38.00 price target on shares of Planet Labs PBC and gave the stock a "buy" rating in a research report on Friday, March 27th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Planet Labs PBC in a research report on Thursday, January 22nd. Six analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Planet Labs PBC presently has a consensus rating of "Hold" and an average price target of $29.61.

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.

Want to see what other hedge funds are holding PL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Planet Labs PBC (NYSE:PL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.