Conestoga Capital Advisors LLC Sells 64,238 Shares of Planet Labs PBC $PL

Key Points

• Conestoga Capital Advisors sharply reduced its Planet Labs stake in the first quarter, selling 64,238 shares and cutting its holdings by 77.4% to 18,747 shares valued at about $524,000.
• Planet Labs insider Robert H. Schingler also sold 73,683 shares in an April transaction worth about $2.58 million, a 22.32% decrease in his ownership, executed under a pre-arranged trading plan.
• The company recently beat quarterly expectations with revenue of $94.15 million, up 42.1% year over year, while analysts now have a consensus Hold rating and an average price target of $35.11.

Conestoga Capital Advisors LLC trimmed its holdings in shares of Planet Labs PBC (NYSE:PL - Free Report) by 77.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 18,747 shares of the company's stock after selling 64,238 shares during the quarter. Conestoga Capital Advisors LLC's holdings in Planet Labs PBC were worth $524,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the stock. Parkside Financial Bank & Trust lifted its holdings in shares of Planet Labs PBC by 92.5% during 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 during the last quarter. Baillie Gifford & Co. bought a new position in Planet Labs PBC in the fourth quarter valued at $32,000. Larson Financial Group LLC purchased a new stake in Planet Labs PBC during the third quarter valued at about $39,000. GAMMA Investing LLC raised its position in Planet Labs PBC by 146.4% during the fourth quarter. GAMMA Investing LLC now owns 2,011 shares of the company's stock valued at $40,000 after purchasing an additional 1,195 shares in the last quarter. Finally, North Star Investment Management Corp. lifted its stake in Planet Labs PBC by 1,111.1% during the fourth quarter. North Star Investment Management Corp. now owns 2,180 shares of the company's stock worth $43,000 after purchasing an additional 2,000 shares during the last quarter. Institutional investors own 41.71% of the company's stock.

Insider Transactions at Planet Labs PBC

In other Planet Labs PBC news, insider Robert H. Schingler sold 73,683 shares of the business's stock in a transaction dated 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 in the company, valued at approximately $8,995,034.16. The trade was a 22.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.42% of the stock is currently owned by company insiders.

Analyst Ratings Changes

PL has been the subject of a number of research reports. Zacks Research cut Planet Labs PBC from a "hold" rating to a "strong sell" rating in a report on Tuesday, May 19th. New Street Research started coverage on Planet Labs PBC in a research report on Wednesday, May 13th. They issued a "sell" rating and a $28.00 target price for the company. Morgan Stanley boosted their target price on Planet Labs PBC from $26.00 to $35.00 and gave the stock an "equal weight" rating in a research report on Wednesday, March 25th. Cantor Fitzgerald upped their target price on Planet Labs PBC from $20.00 to $40.00 and gave the stock an "overweight" rating in a research note on Friday, March 20th. Finally, Needham & Company LLC increased their price target 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 investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, Planet Labs PBC has a consensus rating of "Hold" and an average target price of $35.11.

Planet Labs PBC Stock Performance

Shares of PL stock opened at $31.56 on Thursday. The company has a market capitalization of $11.25 billion, a P/E ratio of -27.68 and a beta of 2.06. Planet Labs PBC has a fifty-two week low of $5.87 and a fifty-two week high of $51.76. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.78 and a current ratio of 2.81. The stock has a 50 day moving average price of $37.20 and a two-hundred day moving average price of $29.96.

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

Planet Labs PBC 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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