Bank of America Corp DE Has $19.45 Million Stock Holdings in Planet Labs PBC $PL

Key Points

• Bank of America cut its Planet Labs stake by 46.2% in the first quarter, selling 597,500 shares and retaining 696,045 shares valued at approximately $19.45 million.
• Planet Labs insiders sold 171,122 shares worth about $4.15 million over the past 90 days, while institutional investors own 41.71% of the company and insiders own 16.42%.
• Analysts have a mixed outlook, with an overall “Hold” rating and an average price target of $35.36. The company recently exceeded quarterly revenue and EPS estimates, reporting $94.15 million in revenue, up 42.1% year over year.

Bank of America Corp DE cut its holdings in shares of Planet Labs PBC (NYSE:PL - Free Report) by 46.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 696,045 shares of the company's stock after selling 597,500 shares during the period. Bank of America Corp DE owned about 0.20% of Planet Labs PBC worth $19,454,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Pittenger & Anderson Inc. boosted its stake in Planet Labs PBC by 40.9% in the first quarter. Pittenger & Anderson Inc. now owns 1,360 shares of the company's stock valued at $38,000 after acquiring an additional 395 shares during the last quarter. Wellington Shields & Co. LLC boosted its stake in Planet Labs PBC by 2.8% in the 4th quarter. Wellington Shields & Co. LLC now owns 15,776 shares of the company's stock worth $311,000 after purchasing an additional 435 shares during the period. Xponance LLC grew its holdings in shares of Planet Labs PBC by 3.1% during the fourth quarter. Xponance LLC now owns 18,656 shares of the company's stock worth $368,000 after buying an additional 555 shares in the last quarter. Wealthfront Advisers LLC grew its stake in shares of Planet Labs PBC by 5.4% during the 4th quarter. Wealthfront Advisers LLC now owns 12,715 shares of the company's stock worth $251,000 after acquiring an additional 657 shares in the last quarter. Finally, KBC Group NV grew its position in Planet Labs PBC by 7.1% in the first quarter. KBC Group NV now owns 9,985 shares of the company's stock valued at $279,000 after purchasing an additional 661 shares in the last quarter. Institutional investors own 41.71% of the company's stock.

Insider Activity at Planet Labs PBC

In related news, insider Robert H. Schingler sold 64,593 shares of the stock in a transaction on Friday, July 10th. The stock was sold at an average price of $25.92, for a total value of $1,674,250.56. Following the completion of the sale, the insider directly owned 825,541 shares of the company's stock, valued at approximately $21,398,022.72. This represents a 7.26% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Ashley F. Johnson sold 75,035 shares of the stock in a transaction dated 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 owned 1,132,122 shares of the company's stock, valued at approximately $24,997,253.76. This represents a 6.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 171,122 shares of company stock valued at $4,148,906 over the last 90 days. Insiders own 16.42% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PL. Wedbush began coverage on shares of Planet Labs PBC in a report on Wednesday, July 1st. They set an "outperform" rating and a $50.00 target price on the stock. Craig Hallum increased their target price on Planet Labs PBC from $36.00 to $49.00 and gave the stock a "buy" rating in a research note on Friday, June 5th. Zacks Research raised shares of Planet Labs PBC from a "strong sell" rating to a "hold" rating in a research report on Thursday, July 2nd. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $36.00 price objective on shares of Planet Labs PBC in a report on Monday, June 15th. Finally, Weiss Ratings upgraded shares of Planet Labs PBC from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Monday, June 15th. Six analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Planet Labs PBC has an average rating of "Hold" and an average target price of $35.36.

Planet Labs PBC Stock Down 3.5%

Shares of NYSE PL opened at $22.55 on Thursday. The firm has a market cap of $8.04 billion, a PE ratio of -19.78 and a beta of 2.11. The company's fifty day simple moving average is $25.66 and its 200 day simple moving average is $30.27. The company has a quick ratio of 2.78, a current ratio of 2.81 and a debt-to-equity ratio of 1.01. Planet Labs PBC has a 12-month low of $6.10 and a 12-month high of $51.76.

Planet Labs PBC (NYSE:PL - Get Free Report) last issued its earnings results on Thursday, June 4th. The company reported ($0.03) EPS for the quarter, beating 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 business had revenue of $94.15 million during the quarter, compared to analyst estimates of $90.39 million. Planet Labs PBC's revenue was up 42.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Planet Labs PBC will post -0.92 earnings per share 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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source