Norges Bank Invests $17.49 Million in Planet Labs PBC $PL

Key Points

• Norges Bank bought a new stake in Planet Labs PBC, acquiring 887,127 shares valued at about $17.49 million, or roughly 0.28% of the company.
• Planet Labs reported strong quarterly revenue growth, with sales of $94.15 million, up 42.1% year over year, and earnings that beat analyst expectations by a penny.
• Despite recent enthusiasm from investors and analysts, the stock has been volatile: it fell 5% in the session cited, even as several firms raised price targets and hedge fund ownership remained substantial.

Norges Bank purchased a new stake in shares of Planet Labs PBC (NYSE:PL - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 887,127 shares of the company's stock, valued at approximately $17,494,000. Norges Bank owned approximately 0.28% of Planet Labs PBC at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of PL. Barclays PLC raised 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 acquiring an additional 3,293,333 shares in the last quarter. Invesco Ltd. raised its position 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 in the last quarter. Two Sigma Investments LP raised its position 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 in the last quarter. Vanguard Group Inc. raised its position 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 in the last quarter. Finally, Marshall Wace LLP raised its position 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 in the last quarter. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

Planet Labs PBC Stock Down 5.0%

Shares of PL opened at $31.11 on Wednesday. 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 12 month low of $4.90 and a 12 month high of $51.76. The stock's 50 day moving average is $38.80 and its two-hundred day moving average is $28.03. The firm has a market cap of $10.77 billion, a P/E ratio of -27.29 and a beta of 1.99.

Planet Labs PBC (NYSE:PL - Get Free Report) last issued its quarterly earnings data on Thursday, June 4th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.01. Planet Labs PBC had a negative return on equity of 105.29% and a negative net margin of 111.17%.The company had revenue of $94.15 million for the quarter, compared to analyst estimates of $90.39 million. Planet Labs PBC's revenue was up 42.1% on a year-over-year basis. Analysts predict that Planet Labs PBC will post -0.45 earnings per share for the current fiscal year.

Key Headlines Impacting Planet Labs PBC

Here are the key news stories impacting Planet Labs PBC this week:

• Positive Sentiment: Planet Labs announced it is a founding participant in the AIRS initiative with Astroscale, a new industry-academia effort focused on atmospheric reentry research. The announcement highlights Planet’s role in a growing space ecosystem and could reinforce its long-term relevance in orbital data and space sustainability. Article Title
• Positive Sentiment: Options activity spiked, with traders buying far more Planet Labs call options than usual. That often signals expectations for continued upside or a near-term catalyst in the stock.
• Positive Sentiment: Recent commentary has pointed to strong quarterly results, including record revenue, a large backlog, and expanding defense and AI opportunities, which may be helping sentiment around the company. Article Title
• Neutral Sentiment: Several articles are focused on valuation and post-earnings volatility, suggesting investors are still debating whether the recent rally is justified after a sharp run-up and prior decline. Article Title
• Negative Sentiment: Some analysis cautions that although revenue growth remains strong, profitability is still distant and guidance implies slower growth ahead, with capital intensity and potential dilution remaining concerns for investors. Article Title

Analyst Upgrades and Downgrades

PL has been the subject of several recent research reports. Cantor Fitzgerald lifted their price target on Planet Labs PBC from $20.00 to $40.00 and gave the company an "overweight" rating in a research report on Friday, March 20th. Citigroup lifted their price target on Planet Labs PBC from $30.00 to $35.00 and gave the company a "buy" rating in a research report on Thursday, April 2nd. Craig Hallum lifted their price target on Planet Labs PBC from $36.00 to $49.00 and gave the company a "buy" rating in a research report on Friday. Needham & Company LLC raised their price objective on Planet Labs PBC from $40.00 to $53.00 and gave the company a "buy" rating in a report on Friday, June 5th. Finally, Weiss Ratings lowered Planet Labs PBC from a "sell (d-)" rating to a "sell (e+)" rating in a report on Monday, June 1st. 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. According to MarketBeat, Planet Labs PBC has a consensus rating of "Hold" and an average price target of $35.11.

Insider Buying and Selling

In other news, insider Robert H. Schingler sold 73,683 shares of Planet Labs PBC stock in a transaction that occurred on 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 $8,995,034.16. The trade was a 22.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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 that occurred on 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 represents a 9.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 16.42% 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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