Bank of New York Mellon Corp Acquires New Position in Planet Labs PBC $PL

Key Points

• Bank of New York Mellon acquired 775,759 Planet Labs shares valued at approximately $25.7 million, giving it a 0.22% stake. Institutional investors collectively own 41.71% of the company.
• Analyst sentiment is mixed, with six Buy, four Hold, and two Sell ratings; the stock carries an overall Hold rating and an average price target of $35.36.
• Planet Labs reported quarterly revenue of $94.15 million, up 42.1% year over year, and beat EPS expectations, but remained unprofitable with a negative net margin of 111.17%. Insiders sold roughly $4.15 million of shares over the past 90 days.

Bank of New York Mellon Corp bought a new position in shares of Planet Labs PBC (NYSE:PL - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 775,759 shares of the company's stock, valued at approximately $25,701,000. Bank of New York Mellon Corp owned 0.22% of Planet Labs PBC at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. American Capital Advisory LLC acquired a new stake in shares of Planet Labs PBC during the first quarter valued at about $28,000. Western Wealth Management LLC acquired a new position in shares of Planet Labs PBC in the 1st quarter worth $28,000. Parkside Financial Bank & Trust lifted its stake in Planet Labs PBC by 92.5% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company's stock worth $31,000 after acquiring an additional 745 shares in the last quarter. Pittenger & Anderson Inc. increased its holdings in Planet Labs PBC by 40.9% in the first quarter. Pittenger & Anderson Inc. now owns 1,360 shares of the company's stock worth $38,000 after buying an additional 395 shares during the last quarter. Finally, Larson Financial Group LLC bought a new position in shares of Planet Labs PBC in the third quarter valued at approximately $39,000. Institutional investors and hedge funds own 41.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on PL shares. Zacks Research upgraded Planet Labs PBC from a "strong sell" rating to a "hold" rating in a research report on Thursday, July 2nd. New Street Research started coverage on shares of Planet Labs PBC in a report on Wednesday, May 13th. They set a "sell" rating and a $28.00 target price for the company. Northland Securities set a $50.00 target price on shares of Planet Labs PBC in a research report on Friday, June 5th. The Goldman Sachs Group raised their price target on Planet Labs PBC from $22.00 to $25.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 14th. Finally, Wedbush began coverage on Planet Labs PBC in a research note on Wednesday, July 1st. They issued an "outperform" rating and a $50.00 price target for the company. Six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $35.36.

Insider Activity

In other news, Director John W. Raymond sold 6,494 shares of the company's stock in a transaction that occurred on Monday, July 13th. The shares were sold at an average price of $26.16, for a total transaction of $169,883.04. Following the completion of the sale, the director owned 37,114 shares of the company's stock, valued at approximately $970,902.24. This represents a 14.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Robert H. Schingler sold 64,593 shares of the company's 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 sale, the insider owned 825,541 shares of the company's stock, valued at approximately $21,398,022.72. This represents a 7.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In 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 corporate insiders.

Planet Labs PBC Price Performance

Shares of NYSE PL opened at $20.02 on Friday. The company has a current ratio of 2.81, a quick ratio of 2.78 and a debt-to-equity ratio of 1.01. The business's 50 day moving average is $24.49 and its 200-day moving average is $30.15. Planet Labs PBC has a 1-year low of $6.26 and a 1-year high of $51.76. The firm has a market cap of $7.14 billion, a P/E ratio of -17.56 and a beta of 2.11.

Planet Labs PBC (NYSE:PL - Get Free Report) last issued its quarterly earnings data on Thursday, June 4th. The company reported ($0.03) earnings per share for the quarter, topping 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 business had revenue of $94.15 million during the quarter, compared to analysts' expectations of $90.39 million. The company's revenue for the quarter was up 42.1% compared to the same quarter last year. Equities research analysts predict that Planet Labs PBC will post -0.92 earnings per share for the current 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.

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