Planet Labs PBC $PL Shares Acquired by Caitong International Asset Management Co. Ltd

Key Points

• Caitong International Asset Management dramatically increased its stake in Planet Labs PBC, boosting holdings by 5,433.1% in the fourth quarter to 61,860 shares worth about $1.22 million.
• Planet Labs reported quarterly earnings that beat expectations, posting a loss of $0.03 per share versus estimates for a $0.04 loss, while revenue rose 42.1% year over year to $94.15 million.
• Analyst sentiment remains mixed: the stock has an average Hold rating with a $35.11 average price target, even as several firms recently adjusted targets and ratings in opposite directions.

Caitong International Asset Management Co. Ltd boosted its position in Planet Labs PBC (NYSE:PL - Free Report) by 5,433.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 61,860 shares of the company's stock after buying an additional 60,742 shares during the quarter. Caitong International Asset Management Co. Ltd's holdings in Planet Labs PBC were worth $1,220,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Wellington Shields & Co. LLC grew its stake in Planet Labs PBC by 2.8% during the 4th quarter. Wellington Shields & Co. LLC now owns 15,776 shares of the company's stock valued at $311,000 after acquiring an additional 435 shares in the last quarter. Xponance LLC lifted its position in Planet Labs PBC by 3.1% during the 4th quarter. Xponance LLC now owns 18,656 shares of the company's stock valued at $368,000 after purchasing an additional 555 shares during the period. Wealthfront Advisers LLC grew 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 worth $251,000 after buying an additional 657 shares during the period. Pictet Asset Management Holding SA grew 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 worth $653,000 after buying an additional 690 shares during the period. Finally, Parkside Financial Bank & Trust lifted its holdings in Planet Labs PBC by 92.5% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company's stock valued at $31,000 after buying an additional 745 shares during the period. Institutional investors own 41.71% of the company's stock.

Planet Labs PBC Stock Performance

Shares of PL opened at $28.18 on Friday. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.81 and a quick ratio of 2.78. Planet Labs PBC has a one year low of $4.90 and a one year high of $51.76. The firm has a market capitalization of $10.04 billion, a P/E ratio of -24.72 and a beta of 1.99. The business has a fifty day moving average of $38.29 and a 200 day moving average of $28.94.

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 analysts' consensus estimates of ($0.04) by $0.01. The business 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, sell-side analysts anticipate that Planet Labs PBC will post -0.81 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Cantor Fitzgerald increased their target price on Planet Labs PBC from $20.00 to $40.00 and gave the company an "overweight" rating in a research note on Friday, March 20th. New Street Research began coverage on Planet Labs PBC in a report on Wednesday, May 13th. They issued a "sell" rating and a $28.00 target price on the stock. Northland Securities set a $50.00 price target on Planet Labs PBC in a research report on Friday, June 5th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $36.00 price target on shares of Planet Labs PBC in a report on Monday. Finally, Weiss Ratings raised shares of Planet Labs PBC from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Monday. Six equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $35.11.

Insider Transactions at Planet Labs PBC

In other news, CFO Ashley F. Johnson sold 200,000 shares of the firm's stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $35.10, for a total transaction of $7,020,000.00. Following the transaction, the chief financial officer directly owned 1,895,162 shares of the company's stock, valued at approximately $66,520,186.20. This trade represents a 9.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Robert H. Schingler sold 73,683 shares of the business's stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $35.07, for a total transaction of $2,584,062.81. Following the completion of the transaction, the insider directly owned 256,488 shares of the company's stock, valued at $8,995,034.16. This trade represents a 22.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.42% of the stock is currently owned by insiders.

Planet Labs PBC Company 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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