Connective Portfolio Management LLC Sells 56,000 Shares of Planet Labs PBC $PL

Key Points

• Connective Portfolio Management cut its Planet Labs PBC stake by 70% in the first quarter, selling 56,000 shares and leaving it with 24,000 shares worth about $671,000.
• Several Planet Labs insiders also sold shares, including insider Robert H. Schingler and CFO Ashley F. Johnson, in transactions totaling millions of dollars.
• The company’s latest quarter showed better-than-expected revenue and EPS, with revenue up 42.1% year over year, while Wall Street remains mixed on the stock with a consensus Hold rating and $35.11 price target.

Connective Portfolio Management LLC decreased its position in Planet Labs PBC (NYSE:PL - Free Report) by 70.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 24,000 shares of the company's stock after selling 56,000 shares during the quarter. Planet Labs PBC makes up 1.8% of Connective Portfolio Management LLC's investment portfolio, making the stock its 18th largest position. Connective Portfolio Management LLC's holdings in Planet Labs PBC were worth $671,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Hsbc Holdings PLC purchased a new stake in shares of Planet Labs PBC during the fourth quarter worth about $8,457,000. Osbon Capital Management LLC purchased a new position in Planet Labs PBC during the 4th quarter valued at about $554,000. Caitong International Asset Management Co. Ltd increased its holdings in Planet Labs PBC by 5,433.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 61,860 shares of the company's stock valued at $1,220,000 after purchasing an additional 60,742 shares during the period. Virtue Capital Management LLC raised its position in Planet Labs PBC by 1,837.6% during the 4th quarter. Virtue Capital Management LLC now owns 83,296 shares of the company's stock valued at $1,700,000 after purchasing an additional 78,997 shares during the last quarter. Finally, Mackenzie Financial Corp raised its position in Planet Labs PBC by 9.5% during the 4th quarter. Mackenzie Financial Corp now owns 14,631 shares of the company's stock valued at $288,000 after purchasing an additional 1,267 shares during the last quarter. 41.71% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, insider Robert H. Schingler sold 73,683 shares of the firm's stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $35.07, for a total value of $2,584,062.81. Following the completion of the transaction, the insider owned 256,488 shares in the company, valued at $8,995,034.16. This trade represents a 22.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ashley F. Johnson sold 200,000 shares of Planet Labs PBC stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $35.10, for a total value of $7,020,000.00. Following the sale, the chief financial officer owned 1,895,162 shares in the company, valued at $66,520,186.20. This represents a 9.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 16.42% of the company's stock.

Wall Street Analysts Forecast Growth

PL has been the topic of a number of recent analyst reports. 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 price objective on the stock. Cantor Fitzgerald upped their target price on Planet Labs PBC from $20.00 to $40.00 and gave the company an "overweight" rating in a report on Friday, March 20th. Weiss Ratings upgraded Planet Labs PBC from a "sell (e+)" rating to a "sell (d-)" rating in a report on Monday, June 15th. Craig Hallum raised their price target 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. Finally, Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $36.00 price target on shares of Planet Labs PBC in a report on Monday, June 15th. Six equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, Planet Labs PBC has an average rating of "Hold" and a consensus price target of $35.11.

Planet Labs PBC Price Performance

PL stock opened at $28.18 on Friday. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.81 and a quick ratio of 2.78. Planet Labs PBC has a 1 year low of $4.90 and a 1 year high of $51.76. The firm has a 50-day moving average of $38.29 and a 200 day moving average of $28.94. The company has a market cap of $10.04 billion, a P/E ratio of -24.72 and a beta of 1.99.

Planet Labs PBC (NYSE:PL - Get Free Report) last posted its quarterly earnings data on Thursday, June 4th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts' expectations of $90.39 million. Planet Labs PBC's revenue was up 42.1% on a year-over-year basis. On average, sell-side analysts forecast that Planet Labs PBC will post -0.92 EPS 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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