Planet Labs PBC $PL Shares Bought by Intech Investment Management LLC

Key Points

• Intech Investment Management LLC increased its stake in Planet Labs PBC by 85.4% in the fourth quarter, buying 53,021 additional shares and bringing its total to 115,076 shares valued at about $2.27 million.
• Institutional interest in Planet Labs remains significant, with hedge funds and other institutions owning 41.71% of the stock. Large holders such as Vanguard, Geode Capital Management, and Barclays also boosted their positions.
• Analyst views are mixed: the stock has a consensus Hold rating and an average price target of $30.61, even though some firms recently raised targets and issued Buy/Outperform ratings while others, like New Street Research, started coverage with a Sell rating.

Intech Investment Management LLC raised its stake in Planet Labs PBC (NYSE:PL - Free Report) by 85.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 115,076 shares of the company's stock after buying an additional 53,021 shares during the quarter. Intech Investment Management LLC's holdings in Planet Labs PBC were worth $2,269,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in Planet Labs PBC by 4.3% during the 4th quarter. Vanguard Group Inc. now owns 19,358,515 shares of the company's stock valued at $381,750,000 after acquiring an additional 806,818 shares during the period. Canada Pension Plan Investment Board boosted its holdings in Planet Labs PBC by 0.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 7,820,400 shares of the company's stock valued at $47,704,000 after acquiring an additional 20,400 shares during the period. Geode Capital Management LLC boosted its holdings in Planet Labs PBC by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 5,702,642 shares of the company's stock valued at $112,475,000 after acquiring an additional 71,381 shares during the period. Barclays PLC boosted its holdings in Planet Labs PBC by 758.1% during the 3rd quarter. Barclays PLC now owns 3,727,743 shares of the company's stock valued at $48,386,000 after acquiring an additional 3,293,333 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Planet Labs PBC by 51.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,705,913 shares of the company's stock valued at $48,103,000 after acquiring an additional 1,252,782 shares during the period. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

Planet Labs PBC Price Performance

PL stock opened at $43.14 on Thursday. The company has a debt-to-equity ratio of 2.37, a current ratio of 1.65 and a quick ratio of 1.64. The firm has a market capitalization of $14.93 billion, a P/E ratio of -55.31 and a beta of 1.99. The business's 50-day moving average is $38.62 and its two-hundred day moving average is $27.37. Planet Labs PBC has a 1 year low of $3.78 and a 1 year high of $51.76.

Analyst Ratings Changes

A number of brokerages recently commented on PL. New Street Research began coverage on Planet Labs PBC in a report on Wednesday, May 13th. They set a "sell" rating and a $28.00 target price for the company. Morgan Stanley raised their target price on Planet Labs PBC from $26.00 to $35.00 and gave the company an "equal weight" rating in a report on Wednesday, March 25th. Deutsche Bank Aktiengesellschaft set a $38.00 target price on Planet Labs PBC and gave the company a "buy" rating in a report on Friday, March 27th. Wedbush raised their target price on Planet Labs PBC from $40.00 to $50.00 and gave the company an "outperform" rating in a report on Thursday, May 14th. Finally, Needham & Company LLC raised their target price on Planet Labs PBC to $40.00 and gave the company a "buy" rating in a report on Friday, March 20th. Six investment analysts have rated the stock with a Buy rating, three have given a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, Planet Labs PBC presently has an average rating of "Hold" and a consensus price target of $30.61.

Insider Transactions at Planet Labs PBC

In other Planet Labs PBC news, insider Robert H. Schingler sold 73,683 shares of the stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $35.07, for a total value of $2,584,062.81. Following the sale, the insider 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. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ashley F. Johnson sold 200,000 shares of the stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $35.10, for a total value of $7,020,000.00. Following the completion of the sale, the chief financial officer directly owned 1,895,162 shares in the company, valued at $66,520,186.20. This represents a 9.55% decrease in their position. The disclosure for this sale is available in the SEC filing. 16.42% of the stock is owned by company insiders.

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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