Jennison Associates LLC Trims Stock Position in Planet Labs PBC $PL

Key Points

• Jennison Associates trimmed its stake by 42.3%, selling 27,209 shares in Q4 and ending with 37,044 shares of Planet Labs (worth about $731,000); institutional investors now own roughly 41.71% of the company.
• Significant insider selling: Robert H. Schingler sold 73,683 shares (~$2.58M) and CFO Ashley F. Johnson sold 200,000 shares (~$7.02M), leaving insiders with about 17.53% ownership.
• Planet Labs missed Q1 EPS estimates (-$0.48 vs. -$0.05) despite revenue beating expectations at $86.8M and rising 41.1% year-over-year; the stock trades near $36.85 with a market cap of $12.75B and an average analyst target of about $29.94.

Jennison Associates LLC lessened its stake in Planet Labs PBC (NYSE:PL - Free Report) by 42.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,044 shares of the company's stock after selling 27,209 shares during the period. Jennison Associates LLC's holdings in Planet Labs PBC were worth $731,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the company. Wealthfront Advisers LLC lifted its holdings in shares of Planet Labs PBC by 5.4% in the 4th quarter. Wealthfront Advisers LLC now owns 12,715 shares of the company's stock valued at $251,000 after purchasing an additional 657 shares during the last quarter. Pictet Asset Management Holding SA grew its stake in Planet Labs PBC by 2.1% during the 4th quarter. Pictet Asset Management Holding SA now owns 33,090 shares of the company's stock worth $653,000 after buying an additional 690 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Planet Labs PBC by 2.6% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 31,264 shares of the company's stock worth $406,000 after buying an additional 781 shares during the period. Victory Capital Management Inc. increased its position in Planet Labs PBC by 3.6% during the third quarter. Victory Capital Management Inc. now owns 25,855 shares of the company's stock worth $336,000 after buying an additional 896 shares during the period. Finally, Ariadne Wealth Management LP lifted its stake in Planet Labs PBC by 8.8% in the third quarter. Ariadne Wealth Management LP now owns 11,202 shares of the company's stock valued at $145,000 after buying an additional 905 shares during the last quarter. Hedge funds and other institutional investors own 41.71% of the company's stock.

Planet Labs PBC Trading Down 0.1%

NYSE:PL opened at $36.85 on Monday. Planet Labs PBC has a 12-month low of $3.38 and a 12-month high of $41.71. The company has a current ratio of 1.65, a quick ratio of 1.64 and a debt-to-equity ratio of 2.37. The stock's 50 day simple moving average is $30.94 and its 200-day simple moving average is $22.66. The firm has a market cap of $12.75 billion, a P/E ratio of -47.24 and a beta of 1.91.

Planet Labs PBC (NYSE:PL - Get Free Report) last issued its quarterly earnings results on Thursday, March 19th. The company reported ($0.48) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.43). The company had revenue of $86.82 million for the quarter, compared to analyst estimates of $78.17 million. Planet Labs PBC had a negative return on equity of 69.61% and a negative net margin of 80.22%.The firm's revenue was up 41.1% compared to the same quarter last year. Equities analysts anticipate that Planet Labs PBC will post -0.45 EPS for the current year.

Insider Buying and Selling at Planet Labs PBC

In other news, insider Robert H. Schingler sold 73,683 shares of the firm's stock in a transaction on 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 completion of the sale, the insider owned 256,488 shares in the company, valued at approximately $8,995,034.16. This trade represents a 22.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 dated Thursday, April 2nd. The shares were sold at an average price of $35.10, for a total transaction of $7,020,000.00. Following the completion of the sale, the chief financial officer directly owned 1,895,162 shares in the company, valued at approximately $66,520,186.20. The trade was a 9.55% decrease in their position. The SEC filing for this sale provides additional information. 17.53% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

PL has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft set a $38.00 target price on shares of Planet Labs PBC and gave the stock a "buy" rating in a research report on Friday, March 27th. The Goldman Sachs Group increased their price target on shares of Planet Labs PBC from $18.00 to $20.00 and gave the stock a "neutral" rating in a research note on Monday, April 20th. Cantor Fitzgerald lifted their price objective on shares of Planet Labs PBC from $20.00 to $40.00 and gave the company an "overweight" rating in a research note on Friday, March 20th. Craig Hallum reaffirmed a "buy" rating and issued a $30.00 target price on shares of Planet Labs PBC in a report on Tuesday, January 13th. Finally, Citigroup increased their target price on shares of Planet Labs PBC from $30.00 to $35.00 and gave the stock a "buy" rating in a research note on Thursday, April 2nd. Six investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $29.94.

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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