Oppenheimer & Co. Inc. Reduces Holdings in Planet Labs PBC $PL

Key Points

• Oppenheimer & Co. Inc. trimmed its stake in Planet Labs by 8.3%, selling 166,489 shares and now holds 1,835,695 shares (about 0.59% of the company) worth roughly $36.2 million.
• Significant insider selling occurred recently: CFO Ashley F. Johnson sold 200,000 shares at about $35.10 for $7.02 million (a 9.55% ownership reduction), and Robert H. Schingler sold 73,683 shares at about $35.07 under a Rule 10b5‑1 plan (a 22.32% cut).
• Analyst sentiment is mixed—several firms have raised targets to around $40 with Buy/Outperform ratings, but the MarketBeat consensus remains a Hold with a $29.94 target; the stock has rallied ~8.4% and trades near $36.95 with a $12.8B market cap.

Oppenheimer & Co. Inc. lessened its position in shares of Planet Labs PBC (NYSE:PL - Free Report) by 8.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,835,695 shares of the company's stock after selling 166,489 shares during the period. Oppenheimer & Co. Inc. owned 0.59% of Planet Labs PBC worth $36,200,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Wealthfront Advisers LLC lifted its position in shares of Planet Labs PBC by 5.4% during the 4th quarter. Wealthfront Advisers LLC now owns 12,715 shares of the company's stock valued at $251,000 after buying an additional 657 shares during the last quarter. Pictet Asset Management Holding SA lifted its position in shares of 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 valued at $653,000 after buying an additional 690 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Planet Labs PBC by 2.6% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 31,264 shares of the company's stock valued at $406,000 after buying an additional 781 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of Planet Labs PBC by 3.6% during the 3rd quarter. Victory Capital Management Inc. now owns 25,855 shares of the company's stock valued at $336,000 after buying an additional 896 shares during the last quarter. Finally, Ariadne Wealth Management LP lifted its position in shares of Planet Labs PBC by 8.8% during the 3rd 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.

Insider Activity

In other Planet Labs PBC news, CFO Ashley F. Johnson sold 200,000 shares of the business's stock in a transaction dated Thursday, April 2nd. The stock was 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 owned 1,895,162 shares of the company's stock, valued at approximately $66,520,186.20. The trade was a 9.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Robert H. Schingler sold 73,683 shares of the business's stock in a transaction dated 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 sale, the insider directly owned 256,488 shares of the company's stock, valued at $8,995,034.16. This represents a 22.32% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 17.53% of the company's stock.

Planet Labs PBC Stock Up 8.4%

Shares of NYSE:PL opened at $36.95 on Friday. The stock has a fifty day simple moving average of $30.94 and a two-hundred day simple moving average of $22.55. The stock has a market capitalization of $12.79 billion, a price-to-earnings ratio of -47.37 and a beta of 1.83. Planet Labs PBC has a 12-month low of $3.29 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.

Planet Labs PBC (NYSE:PL - Get Free Report) last posted 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 business had revenue of $86.82 million during the quarter, compared to analysts' expectations 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 business's quarterly revenue was up 41.1% compared to the same quarter last year. On average, research analysts anticipate that Planet Labs PBC will post -0.45 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Needham & Company LLC upped their price target on Planet Labs PBC to $40.00 and gave the company a "buy" rating in a research report on Friday, March 20th. 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. Cantor Fitzgerald raised their price target on Planet Labs PBC from $20.00 to $40.00 and gave the company an "overweight" rating in a report on Friday, March 20th. Wedbush increased their price objective on Planet Labs PBC from $30.00 to $40.00 and gave the company an "outperform" rating in a research report on Friday, March 20th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Planet Labs PBC in a research report on Tuesday, April 21st. Six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Planet Labs PBC has a consensus rating of "Hold" and a consensus price target 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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