Planet Labs PBC $PL Shares Acquired by Principal Financial Group Inc.

Key Points

• Principal Financial Group more than doubled its stake in Planet Labs PBC during the first quarter, buying an additional 287,544 shares and bringing its total holding to 565,537 shares worth about $15.8 million.
• Other institutional investors also increased or initiated positions, and hedge funds/institutions now own about 41.71% of the company’s stock. At the same time, several insiders sold shares recently, including major sales by Robert H. Schingler and director John W. Raymond.
• Planet Labs reported quarterly results that beat expectations, with EPS of -$0.03 versus an expected -$0.04 and revenue of $94.15 million, up 42.1% year over year. The stock traded down about 1% to $22.38, while analysts’ consensus rating remained Hold with an average price target of $35.36.

Principal Financial Group Inc. grew its holdings in shares of Planet Labs PBC (NYSE:PL - Free Report) by 103.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 565,537 shares of the company's stock after purchasing an additional 287,544 shares during the period. Principal Financial Group Inc. owned about 0.16% of Planet Labs PBC worth $15,807,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. American Capital Advisory LLC purchased a new position in Planet Labs PBC in the 1st quarter valued at approximately $28,000. Parkside Financial Bank & Trust raised its stake in shares of 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 acquiring an additional 745 shares in the last quarter. Baillie Gifford & Co. acquired a new stake in shares of Planet Labs PBC in the fourth quarter valued at $32,000. Pittenger & Anderson Inc. boosted its holdings in Planet Labs PBC by 40.9% in the first quarter. Pittenger & Anderson Inc. now owns 1,360 shares of the company's stock valued at $38,000 after purchasing an additional 395 shares during the period. Finally, Larson Financial Group LLC acquired a new position in Planet Labs PBC during the 3rd quarter worth $39,000. Institutional investors and hedge funds own 41.71% of the company's stock.

Insider Activity

In related news, insider Robert H. Schingler sold 64,593 shares of the company's stock in a transaction that occurred on Friday, July 10th. The stock was sold at an average price of $25.92, for a total value of $1,674,250.56. Following the sale, the insider owned 825,541 shares of the company's stock, valued at approximately $21,398,022.72. This represents a 7.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John W. Raymond sold 6,494 shares of the stock in a transaction 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 owned 37,114 shares in the company, valued at approximately $970,902.24. This trade represents a 14.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 96,087 shares of company stock valued at $2,492,134 over the last 90 days. 16.42% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts recently weighed in on PL shares. Weiss Ratings raised shares of Planet Labs PBC from a "sell (e+)" rating to a "sell (d-)" rating in a report on Monday, June 15th. Northland Securities set a $50.00 target price on Planet Labs PBC in a research report on Friday, June 5th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $36.00 price target on shares of Planet Labs PBC in a research note on Monday, June 15th. New Street Research began coverage on Planet Labs PBC in a research note on Wednesday, May 13th. They issued a "sell" rating and a $28.00 target price on the stock. Finally, Craig Hallum lifted their target price on shares of Planet Labs PBC from $36.00 to $49.00 and gave the company a "buy" rating in a report on Friday, June 5th. Six investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $35.36.

Planet Labs PBC Trading Down 1.0%

Shares of PL opened at $22.38 on Friday. Planet Labs PBC has a twelve month low of $5.87 and a twelve month high of $51.76. The company has a current ratio of 2.81, a quick ratio of 2.78 and a debt-to-equity ratio of 1.01. The firm has a market capitalization of $7.97 billion, a P/E ratio of -19.63 and a beta of 2.06. The firm's 50-day moving average is $33.29 and its two-hundred day moving average is $30.71.

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

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