Planet Labs PBC $PL Shares Purchased by Tidal Investments LLC

Key Points

• Tidal Investments increased its Planet Labs stake by 5,339.2% in the second quarter, acquiring 1.56 million additional shares for a total holding of 1.59 million shares valued at approximately $52.7 million.
• Analyst sentiment remains mixed: the stock carries a consensus “Hold” rating with an average price target of $32.77, although Wedbush and Needham maintained bullish ratings despite lowering or setting price targets.
• Planet Labs beat quarterly expectations, reporting $116.05 million in revenue and EPS of $0.02, while revenue grew 58.2% year over year. However, insiders sold 171,122 shares worth about $4.15 million over the past 90 days, and the company remains unprofitable.

Tidal Investments LLC boosted its holdings in shares of Planet Labs PBC (NYSE:PL - Free Report) by 5,339.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,591,020 shares of the company's stock after acquiring an additional 1,561,769 shares during the period. Tidal Investments LLC owned about 0.45% of Planet Labs PBC worth $52,710,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of PL. American Capital Advisory LLC acquired a new stake in shares of Planet Labs PBC in the first quarter valued at approximately $28,000. Western Wealth Management LLC acquired a new position in shares of Planet Labs PBC during the 1st quarter worth approximately $28,000. Parkside Financial Bank & Trust lifted its stake in Planet Labs PBC by 92.5% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company's stock valued at $31,000 after buying an additional 745 shares in the last quarter. Pittenger & Anderson Inc. lifted its stake in Planet Labs PBC by 40.9% in the 1st quarter. Pittenger & Anderson Inc. now owns 1,360 shares of the company's stock valued at $38,000 after buying an additional 395 shares in the last quarter. Finally, Larson Financial Group LLC acquired a new stake in Planet Labs PBC during the 3rd quarter valued at $39,000. Hedge funds and other institutional investors own 41.71% of the company's stock.

Insiders Place Their Bets

In other news, Director John W. Raymond sold 6,494 shares of the company's stock in a transaction dated Monday, July 13th. The shares were sold at an average price of $26.16, for a total transaction of $169,883.04. Following the completion of the transaction, the director owned 37,114 shares of the company's stock, valued at $970,902.24. This represents a 14.89% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Robert H. Schingler sold 25,000 shares of the stock in a transaction dated Friday, July 10th. The stock was sold at an average price of $25.92, for a total transaction of $648,000.00. Following the transaction, the insider owned 225,171 shares in the company, valued at approximately $5,836,432.32. The trade was 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 valued at $4,148,906. Insiders own 16.42% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on PL shares. Citizens Jmp reissued a "market perform" rating on shares of Planet Labs PBC in a research report on Friday, September 4th. Wedbush initiated coverage on Planet Labs PBC in a research report on Wednesday, July 1st. They issued an "outperform" rating and a $50.00 price objective on the stock. Needham & Company LLC decreased their price objective on Planet Labs PBC from $53.00 to $40.00 and set a "buy" rating on the stock in a research note on Friday, September 4th. Northland Securities set a $40.00 price objective on Planet Labs PBC in a research report on Friday, September 4th. Finally, Weiss Ratings raised shares of Planet Labs PBC from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Monday, June 15th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $32.77.

Planet Labs PBC Trading Down 3.5%

Shares of PL opened at $17.18 on Thursday. Planet Labs PBC has a fifty-two week low of $8.60 and a fifty-two week high of $51.76. The company has a market capitalization of $6.12 billion, a PE ratio of -15.62 and a beta of 2.10. The stock has a fifty day moving average of $22.81 and a two-hundred day moving average of $29.96. The company has a debt-to-equity ratio of 0.79, a quick ratio of 2.82 and a current ratio of 2.84.

Planet Labs PBC (NYSE:PL - Get Free Report) last posted its quarterly earnings data on Thursday, September 3rd. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.04. The business had revenue of $116.05 million for the quarter, compared to analysts' expectations of $104.53 million. Planet Labs PBC had a negative return on equity of 93.11% and a negative net margin of 95.13%.The business's revenue was up 58.2% on a year-over-year basis. During the same quarter last year, the firm earned ($0.07) earnings per share. As a group, analysts forecast that Planet Labs PBC will post -0.92 EPS for the current year.

Planet Labs PBC Profile

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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