Hsbc Holdings PLC Sells 44,328 Shares of Planet Labs PBC $PL

Key Points

• HSBC Holdings cut its Planet Labs PBC stake by 10.5% in the first quarter, selling 44,328 shares and leaving it with 377,857 shares valued at about $10.73 million.
• Several other institutions adjusted their positions too, with large moves from AQR Capital Management and Goldman Sachs; institutional investors now hold 41.71% of Planet Labs’ stock.
• Planet Labs reported better-than-expected quarterly results, with EPS of -$0.03 versus estimates of -$0.04 and revenue up 42.1% year over year to $94.15 million, while analysts currently rate the stock a consensus Hold.

Hsbc Holdings PLC reduced its position in Planet Labs PBC (NYSE:PL - Free Report) by 10.5% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 377,857 shares of the company's stock after selling 44,328 shares during the period. Hsbc Holdings PLC owned 0.11% of Planet Labs PBC worth $10,730,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. AQR Capital Management LLC boosted its holdings in Planet Labs PBC by 671.1% in the first quarter. AQR Capital Management LLC now owns 92,693 shares of the company's stock valued at $313,000 after acquiring an additional 80,672 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new stake in shares of Planet Labs PBC during the 1st quarter worth approximately $189,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Planet Labs PBC by 6.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 130,798 shares of the company's stock worth $442,000 after buying an additional 8,143 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Planet Labs PBC by 54.3% in the first quarter. Goldman Sachs Group Inc. now owns 1,856,245 shares of the company's stock valued at $6,274,000 after buying an additional 653,173 shares during the period. Finally, Thompson Davis & CO. Inc. bought a new position in Planet Labs PBC in the second quarter valued at approximately $121,000. Institutional investors own 41.71% of the company's stock.

Insider Activity

In other Planet Labs PBC news, Director John W. Raymond sold 6,494 shares of Planet Labs PBC stock in a transaction dated Monday, July 13th. The stock was sold at an average price of $26.16, for a total transaction of $169,883.04. Following the transaction, the director directly owned 37,114 shares in the company, valued at approximately $970,902.24. The trade was a 14.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Robert H. Schingler sold 64,593 shares of the business's stock in a transaction dated 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 completion of the transaction, the insider directly owned 825,541 shares of the company's stock, valued at approximately $21,398,022.72. The trade was a 7.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 96,087 shares of company stock worth $2,492,134. Corporate insiders own 16.42% of the company's stock.

Planet Labs PBC Stock Down 2.0%

Shares of NYSE:PL opened at $22.64 on Thursday. The company has a 50 day moving average price of $33.70 and a two-hundred day moving average price of $30.70. 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 company has a market capitalization of $8.07 billion, a PE ratio of -19.86 and a beta of 2.06. Planet Labs PBC has a 52 week low of $5.87 and a 52 week high of $51.76.

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

Wall Street Analysts Forecast Growth

A number of research firms have commented on PL. Zacks Research raised shares of Planet Labs PBC from a "strong sell" rating to a "hold" rating in a report on Thursday, July 2nd. Morgan Stanley increased their price target on Planet Labs PBC from $26.00 to $35.00 and gave the company an "equal weight" rating in a research note on Wednesday, March 25th. Northland Securities set a $50.00 price target on Planet Labs PBC in a research report on Friday, June 5th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $36.00 price objective on shares of Planet Labs PBC in a research note on Monday, June 15th. Finally, Wedbush assumed coverage on Planet Labs PBC in a report on Wednesday, July 1st. They issued an "outperform" rating and a $50.00 price objective for the company. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $35.36.

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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