Jefferies Financial Group Inc. Buys New Shares in Planet Labs PBC $PL

Key Points

• Jefferies Financial Group opened a new position in Planet Labs, buying 67,431 shares (~$875,000) in Q3, while other institutions (Oppenheimer, New York State Common Retirement Fund, etc.) also increased stakes; institutional investors now own about 41.71% of the company.
• Planet Labs beat the quarter's estimates with EPS of $0.00 vs. -$0.02 and revenue of $81.25M (up 32.6% YoY), but remains unprofitable with a -45.87% net margin and analysts forecast -$0.37 EPS for the fiscal year.
• Insiders have been net sellers—292,348 shares (~$7.32M) sold in the last three months—and analyst coverage is mixed, with a consensus rating of "Hold" and an average target price of $21.88 versus the recent share price around $24.91.

Jefferies Financial Group Inc. purchased a new position in shares of Planet Labs PBC (NYSE:PL - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 67,431 shares of the company's stock, valued at approximately $875,000.

A number of other large investors also recently bought and sold shares of the stock. New York State Common Retirement Fund increased its holdings in shares of Planet Labs PBC by 45.3% during the 3rd quarter. New York State Common Retirement Fund now owns 202,384 shares of the company's stock worth $2,627,000 after buying an additional 63,088 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Planet Labs PBC in the second quarter valued at $1,947,000. Oppenheimer & Co. Inc. boosted its holdings in Planet Labs PBC by 74.1% in the third quarter. Oppenheimer & Co. Inc. now owns 2,002,184 shares of the company's stock valued at $25,988,000 after acquiring an additional 851,937 shares during the last quarter. Ranger Investment Management L.P. purchased a new stake in Planet Labs PBC during the third quarter valued at about $2,688,000. Finally, Rice Hall James & Associates LLC acquired a new stake in Planet Labs PBC during the third quarter worth about $4,392,000. Hedge funds and other institutional investors own 41.71% of the company's stock.

Planet Labs PBC Trading Down 2.1%

Shares of PL opened at $24.91 on Friday. Planet Labs PBC has a 12 month low of $2.79 and a 12 month high of $30.90. The stock's 50-day moving average is $24.56 and its two-hundred day moving average is $17.01. The company has a debt-to-equity ratio of 1.28, a current ratio of 4.00 and a quick ratio of 4.00. The stock has a market cap of $7.81 billion, a PE ratio of -59.31 and a beta of 1.95.

Planet Labs PBC (NYSE:PL - Get Free Report) last posted its earnings results on Wednesday, December 10th. The company reported $0.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.02) by $0.02. The business had revenue of $81.25 million during the quarter, compared to analyst estimates of $72.02 million. Planet Labs PBC had a negative return on equity of 31.01% and a negative net margin of 45.87%.The company's revenue for the quarter was up 32.6% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.02) earnings per share. Equities analysts forecast that Planet Labs PBC will post -0.37 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on PL shares. Cantor Fitzgerald restated an "overweight" rating on shares of Planet Labs PBC in a report on Thursday, December 11th. The Goldman Sachs Group reiterated a "neutral" rating and set a $16.40 target price on shares of Planet Labs PBC in a report on Tuesday, January 20th. Northland Securities set a $28.00 target price on shares of Planet Labs PBC in a research report on Tuesday, January 13th. Citigroup raised their price target on shares of Planet Labs PBC from $19.00 to $30.00 and gave the company a "buy" rating in a report on Tuesday, January 13th. Finally, Craig Hallum reiterated a "buy" rating and set a $30.00 price objective on shares of Planet Labs PBC in a research note on Tuesday, January 13th. Six analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $21.88.

Insider Activity

In other news, Director Vijaya Gadde sold 20,000 shares of the business's stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $26.77, for a total transaction of $535,400.00. Following the transaction, the director directly owned 250,169 shares of the company's stock, valued at approximately $6,697,024.13. The trade was a 7.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kristen Robinson sold 47,835 shares of the firm's stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $26.96, for a total transaction of $1,289,631.60. Following the sale, the director directly owned 222,897 shares of the company's stock, valued at approximately $6,009,303.12. The trade was a 17.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 292,348 shares of company stock worth $7,323,958 over the last three months. Insiders own 17.53% of the company's stock.

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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