Oddo BHF Asset Management Sas Acquires Shares of 195,761 Planet Labs PBC $PL

Key Points

• Oddo BHF Asset Management acquired 195,761 shares of Planet Labs, worth approximately $5.47 million, giving it a 0.06% stake. Institutional investors and hedge funds collectively own 41.71% of the company.
• Planet Labs insiders have been net sellers, with insiders selling 171,122 shares worth $4.15 million over the past 90 days. The CFO and a director recently reduced their holdings.
• Analyst sentiment is mixed, with six Buy, four Hold, and two Sell ratings, producing a consensus rating of Hold and an average price target of $35.36. The company’s latest quarterly revenue rose 42.1% year over year to $94.15 million, while it remains unprofitable.

Oddo BHF Asset Management Sas acquired a new stake in shares of Planet Labs PBC (NYSE:PL - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 195,761 shares of the company's stock, valued at approximately $5,472,000. Oddo BHF Asset Management Sas owned approximately 0.06% of Planet Labs PBC as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Van ECK Associates Corp grew its position in Planet Labs PBC by 320.3% in the 4th quarter. Van ECK Associates Corp now owns 7,678,938 shares of the company's stock valued at $151,429,000 after purchasing an additional 5,851,758 shares during the period. 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 worth $44,787,000 after buying an additional 2,506,595 shares during the last quarter. 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 worth $30,662,000 after buying an additional 1,701,535 shares during the last quarter. Marshall Wace LLP lifted its stake in shares of Planet Labs PBC by 10,305.7% in the second quarter. Marshall Wace LLP now owns 1,509,248 shares of the company's stock valued at $9,206,000 after buying an additional 1,494,744 shares in the last quarter. Finally, Bank of America Corp DE lifted its stake in shares of Planet Labs PBC by 477.9% in the second quarter. Bank of America Corp DE now owns 1,349,603 shares of the company's stock valued at $8,233,000 after buying an additional 1,116,055 shares in the last quarter. 41.71% of the stock is owned by institutional investors and hedge funds.

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 value of $1,656,772.80. Following the completion of the transaction, the chief financial officer directly owned 1,132,122 shares of the company's stock, valued at $24,997,253.76. This represents a 6.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director John W. Raymond sold 6,494 shares of the stock in a transaction that occurred on Monday, July 13th. The shares were sold at an average price of $26.16, for a total value of $169,883.04. Following the sale, the director directly owned 37,114 shares of the company's stock, valued at $970,902.24. The trade was a 14.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 171,122 shares of company stock worth $4,148,906. Insiders own 16.42% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PL. Citigroup lifted their price objective on shares of Planet Labs PBC from $30.00 to $35.00 and gave the company a "buy" rating in a report on Thursday, April 2nd. Northland Securities set a $50.00 price target on shares of Planet Labs PBC in a research report on Friday, June 5th. Craig Hallum raised their price target on shares of Planet Labs PBC from $36.00 to $49.00 and gave the company a "buy" rating in a research report on Friday, June 5th. Zacks Research upgraded Planet Labs PBC from a "strong sell" rating to a "hold" rating in a research note on Thursday, July 2nd. Finally, Needham & Company LLC boosted their price objective on Planet Labs PBC from $40.00 to $53.00 and gave the stock a "buy" rating in a report on Friday, June 5th. Six research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $35.36.

Planet Labs PBC Stock Performance

NYSE PL opened at $19.51 on Thursday. Planet Labs PBC has a 1 year low of $5.87 and a 1 year high of $51.76. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.81 and a quick ratio of 2.78. The firm has a market cap of $6.95 billion, a price-to-earnings ratio of -17.12 and a beta of 2.06. The company has a fifty day moving average price of $31.57 and a 200-day moving average price of $30.66.

Planet Labs PBC (NYSE:PL - Get Free Report) last announced its earnings results 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 net margin of 111.17% and a negative return on equity of 105.29%. The company had revenue of $94.15 million during the quarter, compared to the consensus estimate of $90.39 million. The company's quarterly revenue was up 42.1% on a year-over-year basis. As a group, equities research analysts predict that Planet Labs PBC will post -0.92 EPS for the current fiscal year.

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.

Want to see what other hedge funds are holding PL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Planet Labs PBC (NYSE:PL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.