Planet Labs PBC $PL Shares Sold by Castleark Management LLC

Key Points

• Castleark Management cut its Planet Labs stake by 26.7% in the first quarter, selling 103,820 shares and retaining 285,650 shares valued at approximately $8.0 million.
• Other institutions increased their positions substantially, while institutional investors collectively owned 41.71% of Planet Labs. Company insiders sold 96,087 shares worth about $2.49 million during the latest quarter.
• Analysts have a consensus “Hold” rating with a $35.36 price target. Planet Labs recently exceeded quarterly earnings and revenue expectations, reporting $94.15 million in revenue, up 42.1% year over year, despite continuing net losses.

Castleark Management LLC trimmed its stake in shares of Planet Labs PBC (NYSE:PL - Free Report) by 26.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 285,650 shares of the company's stock after selling 103,820 shares during the period. Castleark Management LLC owned 0.08% of Planet Labs PBC worth $7,984,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of PL. Van ECK Associates Corp raised its position 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 purchasing an additional 5,851,758 shares during the last quarter. Invesco Ltd. boosted its holdings in Planet Labs PBC by 265.6% in the 3rd quarter. Invesco Ltd. now owns 3,450,479 shares of the company's stock worth $44,787,000 after buying an additional 2,506,595 shares during the last quarter. Two Sigma Investments LP boosted its holdings in Planet Labs PBC by 257.5% in the 3rd quarter. Two Sigma Investments LP now owns 2,362,275 shares of the company's stock worth $30,662,000 after buying an additional 1,701,535 shares during the last quarter. Marshall Wace LLP increased its stake in Planet Labs PBC by 10,305.7% during the 2nd quarter. Marshall Wace LLP now owns 1,509,248 shares of the company's stock worth $9,206,000 after buying an additional 1,494,744 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in Planet Labs PBC by 477.9% during the 2nd quarter. Bank of America Corp DE now owns 1,349,603 shares of the company's stock worth $8,233,000 after buying an additional 1,116,055 shares in the last quarter. Institutional investors and hedge funds own 41.71% of the company's stock.

Insider Buying and Selling

In related news, insider Robert H. Schingler sold 64,593 shares of Planet Labs PBC stock in a transaction that occurred on Friday, July 10th. The stock was sold at an average price of $25.92, for a total transaction of $1,674,250.56. Following the transaction, the insider owned 825,541 shares in the company, valued at approximately $21,398,022.72. This trade represents a 7.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John W. Raymond sold 6,494 shares of the company's stock in a transaction on Monday, July 13th. The shares were sold at an average price of $26.16, for a total value of $169,883.04. Following the completion of the sale, the director owned 37,114 shares of the company's stock, valued at approximately $970,902.24. The trade was a 14.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 96,087 shares of company stock worth $2,492,134. 16.42% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Zacks Research raised Planet Labs PBC from a "strong sell" rating to a "hold" rating in a report on Thursday, July 2nd. Citigroup lifted their price target on Planet Labs PBC from $30.00 to $35.00 and gave the stock a "buy" rating in a research note on Thursday, April 2nd. Weiss Ratings upgraded Planet Labs PBC from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Monday, June 15th. The Goldman Sachs Group increased their price objective on Planet Labs PBC from $22.00 to $25.00 and gave the company a "neutral" rating in a research note on Tuesday, July 14th. Finally, Northland Securities set a $50.00 price objective on Planet Labs PBC in a report on Friday, June 5th. Six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $35.36.

Planet Labs PBC Stock Down 0.0%

Shares of NYSE PL opened at $20.46 on Monday. Planet Labs PBC has a 12-month low of $5.87 and a 12-month high of $51.76. The stock has a market cap of $7.29 billion, a PE ratio of -17.95 and a beta of 2.06. The company has a current ratio of 2.81, a quick ratio of 2.78 and a debt-to-equity ratio of 1.01. The company has a 50-day moving average of $32.86 and a 200 day moving average of $30.70.

Planet Labs PBC (NYSE:PL - Get Free Report) last released 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. The business had revenue of $94.15 million for the quarter, compared to analyst estimates of $90.39 million. Planet Labs PBC had a negative net margin of 111.17% and a negative return on equity of 105.29%. The firm's revenue for the quarter was up 42.1% compared to the same quarter last year. As a group, sell-side analysts predict that Planet Labs PBC will post -0.92 EPS for the current fiscal year.

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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