Planet Labs PBC $PL Shares Newly Acquired by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments acquired 2.09 million Planet Labs shares worth approximately $34.2 million, giving it a 0.57% stake. Institutional investors and hedge funds collectively own 41.71% of the company.
• Planet Labs insiders sold shares recently, including the CFO’s $944,000 sale and another insider’s $886,000 sale; insiders have sold $2.68 million worth of stock over the past 90 days.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $30.33. The company reported 58.2% year-over-year revenue growth to $116.05 million, but remains unprofitable with a negative net margin.

Mirae Asset Global Investments Co. Ltd. purchased a new stake in Planet Labs PBC (NYSE:PL - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 2,088,886 shares of the company's stock, valued at approximately $34,237,000. Mirae Asset Global Investments Co. Ltd. owned 0.57% of Planet Labs PBC as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of PL. Tema ETFs LLC boosted its holdings in shares of Planet Labs PBC by 75,804.6% during the second quarter. Tema ETFs LLC now owns 1,590,960 shares of the company's stock worth $52,709,000 after acquiring an additional 1,588,864 shares during the period. Tidal Investments LLC lifted its holdings in Planet Labs PBC by 5,339.2% during the 2nd quarter. Tidal Investments LLC now owns 1,591,020 shares of the company's stock worth $52,710,000 after purchasing an additional 1,561,769 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in Planet Labs PBC by 80.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,932,381 shares of the company's stock valued at $54,010,000 after purchasing an additional 861,306 shares during the period. Bank of New York Mellon Corp bought a new stake in Planet Labs PBC in the 2nd quarter valued at $25,701,000. Finally, Ranger Investment Management L.P. acquired a new position in Planet Labs PBC in the 2nd quarter valued at $17,689,000. 41.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Planet Labs PBC

In other Planet Labs PBC news, CFO Ashley Johnson sold 55,663 shares of the stock in a transaction dated Thursday, September 17th. The stock was sold at an average price of $16.96, for a total transaction of $944,044.48. Following the completion of the sale, the chief financial officer directly owned 577,915 shares in the company, valued at approximately $9,801,438.40. This trade represents a 8.79% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Robert Schingler sold 52,240 shares of Planet Labs PBC stock in a transaction dated Thursday, September 17th. The stock was sold at an average price of $16.96, for a total value of $885,990.40. Following the completion of the transaction, the insider directly owned 170,171 shares of the company's stock, valued at approximately $2,886,100.16. This trade represents a 23.49% 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 165,897 shares of company stock valued at $2,681,988. 16.42% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on PL. Barclays assumed coverage on Planet Labs PBC in a research report on Friday, October 9th. They set an "equal weight" rating and a $17.00 price objective on the stock. Morgan Stanley reduced their target price on shares of Planet Labs PBC from $35.00 to $19.00 and set an "equal weight" rating for the company in a research report on Friday, October 16th. Northland Securities set a $40.00 price target on shares of Planet Labs PBC in a research note on Friday, September 4th. Needham & Company LLC lowered their price target on shares of Planet Labs PBC from $53.00 to $40.00 and set a "buy" rating on the stock in a research report on Friday, September 4th. Finally, Berenberg Bank began coverage on shares of Planet Labs PBC in a research note on Wednesday, September 2nd. They issued a "buy" rating and a $25.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $30.33.

Planet Labs PBC Price Performance

PL stock opened at $13.45 on Monday. The company has a 50 day simple moving average of $16.82 and a 200 day simple moving average of $26.62. The stock has a market cap of $4.89 billion, a price-to-earnings ratio of -12.23 and a beta of 2.27. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.84 and a quick ratio of 2.82. Planet Labs PBC has a 1 year low of $10.52 and a 1 year high of $51.76.

Planet Labs PBC (NYSE:PL - Get Free Report) last posted its earnings results on Thursday, September 3rd. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.04. Planet Labs PBC had a negative net margin of 95.13% and a negative return on equity of 93.11%. The business had revenue of $116.05 million for the quarter, compared to the consensus estimate of $104.53 million. During the same period last year, the company earned ($0.07) EPS. The firm's revenue was up 58.2% compared to the same quarter last year. Research analysts anticipate that Planet Labs PBC will post -0.60 EPS for the current fiscal year.

Planet Labs PBC Company Profile

Planet Labs PBC is a space and data analytics company that operates a large fleet of Earth-observation satellites. The company captures frequently updated imagery of land and coastal areas worldwide, helping organizations monitor changes and make decisions based on current geospatial information.

Planet's product portfolio includes PlanetScope, which provides high-frequency satellite imagery, and SkySat, which offers higher-resolution imagery for more detailed analysis. The company also develops specialized satellite and data products, including hyperspectral capabilities, and provides cloud-based platforms, application programming interfaces and analytical tools that allow customers to access, analyze and integrate geospatial data into their own workflows.

Its customers and partners include businesses, governments, researchers and nonprofit organizations in areas such as agriculture, mapping, forestry, energy, infrastructure, insurance, defense and climate monitoring.

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