Jupiter Asset Management Ltd. Buys New Shares in Planet Labs PBC $PL

Key Points

• Jupiter Asset Management disclosed a new fourth-quarter stake in Planet Labs PBC, buying 178,373 shares worth about $3.5 million. The filing shows the fund owned roughly 0.06% of the company.
• Several other institutional investors also boosted their PL holdings, including Barclays, Invesco, and Vanguard, with hedge funds and other institutions now owning 41.71% of the stock.
• Insiders have been selling shares: CFO Ashley F. Johnson sold 200,000 shares and Robert H. Schingler sold 73,683 shares. Analyst sentiment remains mixed, with a Hold consensus and an average price target of $30.61, even though PL recently traded near its 52-week high.

Jupiter Asset Management Ltd. bought a new stake in shares of Planet Labs PBC (NYSE:PL - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 178,373 shares of the company's stock, valued at approximately $3,518,000. Jupiter Asset Management Ltd. owned approximately 0.06% of Planet Labs PBC as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently bought and sold shares of PL. Barclays PLC lifted its position in Planet Labs PBC by 758.1% during the third quarter. Barclays PLC now owns 3,727,743 shares of the company's stock valued at $48,386,000 after purchasing an additional 3,293,333 shares in the last quarter. Invesco Ltd. raised its holdings in Planet Labs PBC by 265.6% during the third quarter. Invesco Ltd. now owns 3,450,479 shares of the company's stock valued at $44,787,000 after acquiring an additional 2,506,595 shares during the period. Two Sigma Investments LP raised its holdings in Planet Labs PBC by 257.5% during the third quarter. Two Sigma Investments LP now owns 2,362,275 shares of the company's stock valued at $30,662,000 after acquiring an additional 1,701,535 shares during the period. Vanguard Group Inc. raised its holdings in Planet Labs PBC by 9.7% during the third quarter. Vanguard Group Inc. now owns 18,551,697 shares of the company's stock valued at $240,801,000 after acquiring an additional 1,637,880 shares during the period. Finally, Marshall Wace LLP raised its holdings in Planet Labs PBC by 10,305.7% during the second quarter. Marshall Wace LLP now owns 1,509,248 shares of the company's stock valued at $9,206,000 after acquiring an additional 1,494,744 shares during the period. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Robert H. Schingler sold 73,683 shares of Planet Labs PBC stock in a transaction dated 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 sale, the insider directly owned 256,488 shares of the company's stock, valued at approximately $8,995,034.16. The trade was a 22.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed 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 stock was sold at an average price of $35.10, for a total value 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 $66,520,186.20. This trade represents a 9.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 17.53% of the company's stock.

Planet Labs PBC Trading Down 0.4%

Shares of PL stock opened at $51.18 on Friday. Planet Labs PBC has a 12-month low of $3.66 and a 12-month high of $51.76. 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 moving average price is $37.76 and its 200-day moving average price is $26.56. The stock has a market capitalization of $17.71 billion, a price-to-earnings ratio of -65.61 and a beta of 1.91.

Analyst Ratings Changes

PL has been the topic of a number of recent analyst reports. New Street Research initiated coverage on Planet Labs PBC in a report on Wednesday, May 13th. They set a "sell" rating and a $28.00 price target on the stock. Citigroup raised their price target on Planet Labs PBC from $30.00 to $35.00 and gave the company a "buy" rating in a report on Thursday, April 2nd. Deutsche Bank Aktiengesellschaft set a $38.00 price target on Planet Labs PBC and gave the company a "buy" rating in a report on Friday, March 27th. Needham & Company LLC raised their price target on Planet Labs PBC to $40.00 and gave the company a "buy" rating in a report on Friday, March 20th. Finally, Morgan Stanley raised their price target on Planet Labs PBC from $26.00 to $35.00 and gave the company an "equal weight" rating in a report on Wednesday, March 25th. Six analysts have rated the stock with a Buy rating, three have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $30.61.

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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