Engineers Gate Manager LP Cuts Stock Position in Planet Labs PBC $PL

Key Points

• Engineers Gate Manager LP cut its Planet Labs stake by 53.9% in the second quarter, selling 63,552 shares and retaining 54,271 shares valued at approximately $1.8 million. Other institutional investors, including Principal Financial and Royal Bank of Canada, increased their positions.
• Planet Labs reported quarterly revenue of $116.05 million, up 58.2% year over year, and posted adjusted EPS of $0.02, beating analysts’ expectations. However, the company remained deeply unprofitable, with a negative net margin of 95.13%.
• Company insiders sold 171,122 shares worth about $4.15 million during the quarter. Analyst sentiment was mixed, resulting in a consensus “Hold” rating and an average price target of $32.77.

Engineers Gate Manager LP decreased its stake in shares of Planet Labs PBC (NYSE:PL - Free Report) by 53.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 54,271 shares of the company's stock after selling 63,552 shares during the quarter. Engineers Gate Manager LP's holdings in Planet Labs PBC were worth $1,798,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Calamos Advisors LLC bought a new position in shares of Planet Labs PBC during the first quarter valued at $2,973,000. Principal Financial Group Inc. raised its position in shares of Planet Labs PBC by 103.4% in the 1st quarter. Principal Financial Group Inc. now owns 565,537 shares of the company's stock worth $15,807,000 after purchasing an additional 287,544 shares during the last quarter. Quantinno Capital Management LP boosted its stake in Planet Labs PBC by 574.7% in the 1st quarter. Quantinno Capital Management LP now owns 145,751 shares of the company's stock worth $4,074,000 after purchasing an additional 124,150 shares in the last quarter. Oddo BHF Asset Management Sas purchased a new stake in Planet Labs PBC during the 1st quarter valued at about $5,472,000. Finally, Royal Bank of Canada grew its position in Planet Labs PBC by 66.3% during the 1st quarter. Royal Bank of Canada now owns 317,565 shares of the company's stock valued at $8,876,000 after purchasing an additional 126,562 shares during the last quarter. Hedge funds and other institutional investors own 41.71% of the company's stock.

Insider Buying and Selling

In other news, Director John W. Raymond sold 6,494 shares of the firm's stock in a transaction dated Monday, July 13th. The stock was sold at an average price of $26.16, for a total value of $169,883.04. Following the transaction, the director owned 37,114 shares of the company's stock, valued at $970,902.24. This trade represents a 14.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Robert H. Schingler sold 64,593 shares of the business's stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $25.92, for a total value of $1,674,250.56. Following the transaction, the insider owned 825,541 shares of the company's stock, valued at approximately $21,398,022.72. This trade represents a 7.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 171,122 shares of company stock valued at $4,148,906. 16.42% of the stock is owned by insiders.

Planet Labs PBC Price Performance

Shares of NYSE:PL opened at $16.01 on Wednesday. Planet Labs PBC has a fifty-two week low of $9.66 and a fifty-two week high of $51.76. The business has a 50-day simple moving average of $21.66 and a two-hundred day simple moving average of $29.74. The company has a debt-to-equity ratio of 0.79, a quick ratio of 2.82 and a current ratio of 2.84. The firm has a market cap of $5.82 billion, a price-to-earnings ratio of -14.55 and a beta of 2.10.

Planet Labs PBC (NYSE:PL - Get Free Report) last issued its earnings results on Thursday, September 3rd. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.04. The company had revenue of $116.05 million for the quarter, compared to analysts' expectations of $104.53 million. Planet Labs PBC had a negative net margin of 95.13% and a negative return on equity of 93.11%. The firm's quarterly revenue was up 58.2% on a year-over-year basis. During the same quarter last year, the company posted ($0.07) earnings per share. On average, analysts expect that Planet Labs PBC will post -0.91 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have weighed in on PL. Craig Hallum set a $35.00 price objective on shares of Planet Labs PBC in a research note on Friday, September 4th. Citigroup downgraded shares of Planet Labs PBC from a "market perform" rating to a "hold" rating in a research note on Friday, September 4th. The Goldman Sachs Group increased their price target on shares of Planet Labs PBC from $22.00 to $25.00 and gave the company a "neutral" rating in a report on Tuesday, July 14th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $28.00 price target on shares of Planet Labs PBC in a research report on Tuesday, September 8th. Finally, Berenberg Bank assumed coverage on shares of Planet Labs PBC in a report on Wednesday, September 2nd. They issued a "buy" rating and a $25.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $32.77.

Planet Labs PBC Profile

Planet Labs PBC is an Earth-imaging and geospatial data company that operates a constellation of satellites designed to provide frequent imagery of the planet's landmass. The company collects, processes and delivers satellite imagery and related data products through cloud-based platforms and application programming interfaces.

Its offerings include PlanetScope imagery for broad-area monitoring, SkySat imagery for higher-resolution observation, and specialized products that support change detection, mapping and environmental analysis.

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