Planet Labs PBC $PL Shares Bought by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System increased its Planet Labs stake by 22.6% in the first quarter, adding 52,806 shares for a total of 285,952 shares valued at approximately $8.0 million. Institutional investors and hedge funds collectively own 41.71% of the company.
• Analyst sentiment is mixed: six analysts rate PL a Buy, four Hold, and two Sell. The stock has a consensus rating of Hold with an average price target of $35.36.
• Planet Labs reported quarterly revenue of $94.15 million, up 42.1% year over year and above estimates, while posting a $0.03 per-share loss. The company remains unprofitable, with a negative net margin of 111.17%.

California State Teachers Retirement System increased its holdings in shares of Planet Labs PBC (NYSE:PL - Free Report) by 22.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 285,952 shares of the company's stock after buying an additional 52,806 shares during the quarter. California State Teachers Retirement System owned about 0.08% of Planet Labs PBC worth $7,992,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Van ECK Associates Corp increased its holdings in shares of Planet Labs PBC by 320.3% during the 4th quarter. Van ECK Associates Corp now owns 7,678,938 shares of the company's stock worth $151,429,000 after buying an additional 5,851,758 shares during the last quarter. Invesco Ltd. grew its position in Planet Labs PBC by 265.6% during the third quarter. Invesco Ltd. now owns 3,450,479 shares of the company's stock valued at $44,787,000 after acquiring an additional 2,506,595 shares during the period. Two Sigma Investments LP grew its position 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 valued at $30,662,000 after acquiring an additional 1,701,535 shares during the period. Marshall Wace LLP increased its stake in Planet Labs PBC by 10,305.7% during the second quarter. Marshall Wace LLP now owns 1,509,248 shares of the company's stock worth $9,206,000 after acquiring an additional 1,494,744 shares during the last quarter. Finally, Bank of America Corp DE raised its holdings in shares of Planet Labs PBC by 477.9% in the 2nd quarter. Bank of America Corp DE now owns 1,349,603 shares of the company's stock worth $8,233,000 after purchasing an additional 1,116,055 shares during the period. 41.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PL. New Street Research assumed coverage on shares of Planet Labs PBC in a research report on Wednesday, May 13th. They set a "sell" rating and a $28.00 price target on the stock. Needham & Company LLC upped their price target on shares of Planet Labs PBC from $40.00 to $53.00 and gave the stock a "buy" rating in a research report on Friday, June 5th. Craig Hallum increased their price target on Planet Labs PBC from $36.00 to $49.00 and gave the company a "buy" rating in a report on Friday, June 5th. The Goldman Sachs Group boosted their price objective on Planet Labs PBC from $22.00 to $25.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 14th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $36.00 target price on shares of Planet Labs PBC in a research report on Monday, June 15th. Six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Planet Labs PBC presently has a consensus rating of "Hold" and an average price target of $35.36.

Planet Labs PBC Stock Performance

Shares of PL opened at $22.89 on Wednesday. The stock has a market capitalization of $8.16 billion, a PE ratio of -20.08 and a beta of 2.11. The business's fifty day moving average price is $29.68 and its 200 day moving average price is $30.56. 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.

Planet Labs PBC (NYSE:PL - Get Free Report) last posted its quarterly 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 business had revenue of $94.15 million during the quarter, compared to analyst estimates of $90.39 million. Planet Labs PBC's revenue for the quarter was up 42.1% compared to the same quarter last year. Equities research analysts forecast that Planet Labs PBC will post -0.92 EPS for the current year.

Insider Transactions at Planet Labs PBC

In related news, insider Robert H. Schingler sold 64,593 shares of Planet Labs PBC stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $25.92, for a total transaction of $1,674,250.56. Following the sale, the insider directly owned 825,541 shares in the company, valued at $21,398,022.72. The trade was a 7.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John W. Raymond sold 6,494 shares of the firm's stock in a transaction dated Monday, July 13th. The shares were sold at an average price of $26.16, for a total value of $169,883.04. Following the transaction, the director directly owned 37,114 shares of the company's stock, valued at $970,902.24. This represents a 14.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 171,122 shares of company stock worth $4,148,906. Company insiders own 16.42% of the company's stock.

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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