BHK Investment Advisors LLC Buys Shares of 70,000 Planet Labs PBC $PL

Key Points

• BHK Investment Advisors LLC opened a new position in Planet Labs PBC in the fourth quarter, buying 70,000 shares valued at about $1.38 million. The stake makes Planet Labs its 28th largest holding and roughly 0.5% of its portfolio.
• Several other institutional investors also added to or established positions in Planet Labs, and 41.71% of the stock is owned by institutions. The activity suggests continued interest from professional investors despite the company’s volatility.
• Wall Street sentiment is mixed but improving: analysts have recently raised price targets, and the stock now has a consensus rating of “Hold” with an average price target of $29.94. At the same time, Planet Labs shares were trading at $39.10, above that consensus target.

BHK Investment Advisors LLC purchased a new position in Planet Labs PBC (NYSE:PL - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 70,000 shares of the company's stock, valued at approximately $1,380,000. Planet Labs PBC comprises about 0.5% of BHK Investment Advisors LLC's holdings, making the stock its 28th largest holding.

A number of other large investors have also recently added to or reduced their stakes in the stock. MCF Advisors LLC bought a new position in Planet Labs PBC during the 3rd quarter worth approximately $32,000. Baillie Gifford & Co. acquired a new stake in shares of Planet Labs PBC during the fourth quarter worth $32,000. Larson Financial Group LLC acquired a new position in shares of Planet Labs PBC in the 3rd quarter valued at about $39,000. GAMMA Investing LLC grew its position in shares of Planet Labs PBC by 146.4% during the 4th quarter. GAMMA Investing LLC now owns 2,011 shares of the company's stock valued at $40,000 after buying an additional 1,195 shares during the last quarter. Finally, North Star Investment Management Corp. grew its position in shares of Planet Labs PBC by 1,111.1% during the 4th quarter. North Star Investment Management Corp. now owns 2,180 shares of the company's stock valued at $43,000 after buying an additional 2,000 shares during the last quarter. 41.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PL. Morgan Stanley raised their price target on Planet Labs PBC from $26.00 to $35.00 and gave the stock an "equal weight" rating in a report on Wednesday, March 25th. Cantor Fitzgerald raised their target price on Planet Labs PBC from $20.00 to $40.00 and gave the company an "overweight" rating in a research note on Friday, March 20th. Zacks Research raised shares of Planet Labs PBC from a "strong sell" rating to a "hold" rating in a report on Friday, February 13th. Citigroup increased their price objective on shares of Planet Labs PBC from $30.00 to $35.00 and gave the stock a "buy" rating in a report on Thursday, April 2nd. Finally, The Goldman Sachs Group upped their target price on shares of Planet Labs PBC from $18.00 to $20.00 and gave the stock a "neutral" rating in a research report on Monday, April 20th. Six investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $29.94.

Planet Labs PBC Price Performance

Shares of NYSE:PL opened at $39.10 on Friday. The company's fifty day moving average is $31.74 and its two-hundred day moving average is $23.16. The company has a market cap of $13.53 billion, a P/E ratio of -50.13 and a beta of 1.91. Planet Labs PBC has a 12-month low of $3.47 and a 12-month high of $41.71. The company has a quick ratio of 1.64, a current ratio of 1.65 and a debt-to-equity ratio of 2.37.

Insider Transactions at Planet Labs PBC

In other Planet Labs PBC news, CFO Ashley F. Johnson sold 200,000 shares of the company's stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $35.10, for a total value of $7,020,000.00. Following the transaction, the chief financial officer directly owned 1,895,162 shares of the company's stock, valued at $66,520,186.20. This represents a 9.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 transaction of $2,584,062.81. Following the completion of the sale, the insider owned 256,488 shares of the company's stock, valued at $8,995,034.16. This trade represents a 22.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 17.53% of the company's stock.

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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