Quantinno Capital Management LP increased its position in shares of Planet Labs PBC (NYSE:PL - Free Report) by 574.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 145,751 shares of the company's stock after buying an additional 124,150 shares during the period. Quantinno Capital Management LP's holdings in Planet Labs PBC were worth $4,074,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in PL. AQR Capital Management LLC grew its stake in shares of Planet Labs PBC by 671.1% during the first quarter. AQR Capital Management LLC now owns 92,693 shares of the company's stock valued at $313,000 after acquiring an additional 80,672 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of Planet Labs PBC in the first quarter worth about $189,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Planet Labs PBC by 6.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 130,798 shares of the company's stock valued at $442,000 after purchasing an additional 8,143 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Planet Labs PBC by 54.3% in the first quarter. Goldman Sachs Group Inc. now owns 1,856,245 shares of the company's stock valued at $6,274,000 after purchasing an additional 653,173 shares during the last quarter. Finally, Thompson Davis & CO. Inc. acquired a new stake in Planet Labs PBC during the 2nd quarter valued at approximately $121,000. Institutional investors and hedge funds own 41.71% of the company's stock.
Wall Street Analysts Forecast Growth
Several equities research analysts have issued reports on the company. Wedbush assumed coverage on Planet Labs PBC in a report on Wednesday, July 1st. They set an "outperform" rating and a $50.00 price objective on the stock. Northland Securities set a $50.00 target price on Planet Labs PBC in a research note on Friday, June 5th. Zacks Research raised shares of Planet Labs PBC from a "strong sell" rating to a "hold" rating in a research report on Thursday, July 2nd. New Street Research started coverage on shares of Planet Labs PBC in a research note on Wednesday, May 13th. They issued a "sell" rating and a $28.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $36.00 price target on shares of Planet Labs PBC in a report on Monday, June 15th. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Planet Labs PBC presently has a consensus rating of "Hold" and an average target price of $35.36.
Check Out Our Latest Stock Analysis on Planet Labs PBC
Insider Transactions at Planet Labs PBC
In other news, Director John W. Raymond sold 6,494 shares of the stock in a transaction that occurred on Monday, July 13th. The stock was sold at an average price of $26.16, for a total transaction of $169,883.04. Following the sale, the director directly owned 37,114 shares in the company, valued at approximately $970,902.24. This represents a 14.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert H. Schingler sold 25,000 shares of the stock in a transaction on Friday, July 10th. The stock was sold at an average price of $25.92, for a total value of $648,000.00. Following the completion of the sale, the insider directly owned 225,171 shares in the company, valued at $5,836,432.32. This represents a 9.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 171,122 shares of company stock worth $4,148,906. 16.42% of the stock is currently owned by company insiders.
Planet Labs PBC Stock Performance
Planet Labs PBC stock opened at $23.92 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 12 month low of $6.10 and a 12 month high of $51.76. The company has a fifty day moving average price of $28.00 and a two-hundred day moving average price of $30.43. The company has a market cap of $8.53 billion, a PE ratio of -20.99 and a beta of 2.11.
Planet Labs PBC (NYSE:PL - Get Free Report) last issued its earnings results on Thursday, June 4th. The company reported ($0.03) earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $90.39 million. Planet Labs PBC's revenue for the quarter was up 42.1% compared to the same quarter last year. Research analysts expect that Planet Labs PBC will post -0.92 earnings per share for the current year.
About Planet Labs PBC
(
Free Report)
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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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.
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