Liontrust Investment Partners LLP Cuts Position in Planet Labs PBC $PL

Key Points

• Liontrust Investment Partners LLP cut its Planet Labs position by 18.3% in the first quarter, selling 57,217 shares and retaining 254,849 shares valued at approximately $7.1 million. Institutional investors collectively own 41.71% of the company.
• Planet Labs reported quarterly revenue of $94.15 million, up 42.1% year over year, and an adjusted loss of $0.03 per share that beat analyst expectations. However, the company remained unprofitable, with a negative net margin of 111.17%.
• Analyst sentiment was mixed: six analysts rated PL a Buy, four rated it Hold, and two rated it Sell, producing a consensus rating of Hold and an average price target of $35.36. Insiders sold 171,122 shares worth about $4.15 million over the prior 90 days.

Liontrust Investment Partners LLP decreased its position in Planet Labs PBC (NYSE:PL - Free Report) by 18.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 254,849 shares of the company's stock after selling 57,217 shares during the quarter. Liontrust Investment Partners LLP owned 0.07% of Planet Labs PBC worth $7,123,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. AQR Capital Management LLC grew its holdings in shares of 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 purchasing an additional 80,672 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new stake in Planet Labs PBC during the first quarter valued at $189,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in 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 valued at $442,000 after purchasing an additional 8,143 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in Planet Labs PBC by 54.3% during the first quarter. Goldman Sachs Group Inc. now owns 1,856,245 shares of the company's stock valued at $6,274,000 after purchasing an additional 653,173 shares during the last quarter. Finally, Thompson Davis & CO. Inc. bought a new position in Planet Labs PBC during the second quarter valued at $121,000. 41.71% of the stock is owned by hedge funds and other institutional investors.

Planet Labs PBC Trading Up 3.9%

Shares of PL opened at $20.24 on Friday. The company's fifty day simple moving average is $31.12 and its 200-day simple moving average is $30.64. The company has a market cap of $7.21 billion, a P/E ratio of -17.75 and a beta of 2.06. The company has a current ratio of 2.81, a quick ratio of 2.78 and a debt-to-equity ratio of 1.01. Planet Labs PBC has a twelve month low of $5.87 and a twelve month high of $51.76.

Planet Labs PBC (NYSE:PL - Get Free Report) last released its quarterly earnings results on Thursday, June 4th. The company reported ($0.03) EPS for the quarter, topping analysts' consensus estimates of ($0.04) by $0.01. The firm had revenue of $94.15 million during the quarter, compared to analysts' expectations of $90.39 million. Planet Labs PBC had a negative net margin of 111.17% and a negative return on equity of 105.29%. The firm's quarterly revenue was up 42.1% on a year-over-year basis. As a group, analysts expect that Planet Labs PBC will post -0.92 EPS for the current year.

Insider Buying and Selling at Planet Labs PBC

In other news, CFO Ashley F. Johnson sold 75,035 shares of the company's stock in a transaction that occurred on Thursday, July 23rd. The stock was sold at an average price of $22.08, for a total transaction of $1,656,772.80. Following the transaction, the chief financial officer owned 1,132,122 shares of the company's stock, valued at approximately $24,997,253.76. This represents a 6.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John W. Raymond sold 6,494 shares of the stock in a transaction that occurred on Monday, July 13th. The stock was sold at an average price of $26.16, for a total value of $169,883.04. Following the completion of the sale, the director 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 171,122 shares of company stock worth $4,148,906 over the last 90 days. Company insiders own 16.42% of the company's stock.

Analyst Ratings Changes

PL has been the topic of a number of research reports. Citigroup boosted their target price on shares of Planet Labs PBC from $30.00 to $35.00 and gave the stock a "buy" rating in a report on Thursday, April 2nd. New Street Research initiated coverage on shares of Planet Labs PBC in a report on Wednesday, May 13th. They issued a "sell" rating and a $28.00 price target for the company. Zacks Research upgraded Planet Labs PBC from a "strong sell" rating to a "hold" rating in a research report on Thursday, July 2nd. Craig Hallum boosted their price objective on Planet Labs PBC from $36.00 to $49.00 and gave the stock a "buy" rating in a research note on Friday, June 5th. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $36.00 price objective on shares of Planet Labs PBC in a research report on Monday, June 15th. Six research 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. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus 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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