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

Key Points

• Intech Investment Management cut its stake in Planet Labs by 47% in Q3, selling 55,041 shares and leaving the firm with 62,055 shares valued at about $805,000.
• Significant insider selling occurred: CFO Ashley F. Johnson sold 150,731 shares for roughly $4.07M, and insiders disposed of 292,348 shares worth $7.32M over the last quarter.
• Operational snapshot: Planet Labs beat quarterly estimates with $0.00 EPS (vs. -$0.02) and $81.25M revenue (up 32.6% YoY) but remains unprofitable with a negative net margin, and analysts' consensus rating is a Hold with a $21.88 price target.

Intech Investment Management LLC lessened its holdings in shares of Planet Labs PBC (NYSE:PL - Free Report) by 47.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 62,055 shares of the company's stock after selling 55,041 shares during the quarter. Intech Investment Management LLC's holdings in Planet Labs PBC were worth $805,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Planet Labs PBC by 2.6% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 31,264 shares of the company's stock worth $406,000 after acquiring an additional 781 shares during the period. Valeo Financial Advisors LLC boosted its position in shares of Planet Labs PBC by 4.5% in the third quarter. Valeo Financial Advisors LLC now owns 21,641 shares of the company's stock worth $281,000 after acquiring an additional 925 shares during the last quarter. 180 Wealth Advisors LLC grew its holdings in Planet Labs PBC by 0.8% in the third quarter. 180 Wealth Advisors LLC now owns 147,032 shares of the company's stock valued at $1,908,000 after purchasing an additional 1,114 shares during the period. Arizona State Retirement System grew its holdings in Planet Labs PBC by 1.8% in the third quarter. Arizona State Retirement System now owns 62,646 shares of the company's stock valued at $813,000 after purchasing an additional 1,121 shares during the period. Finally, Jones Financial Companies Lllp increased its position in Planet Labs PBC by 59.3% during the third quarter. Jones Financial Companies Lllp now owns 3,591 shares of the company's stock worth $44,000 after purchasing an additional 1,337 shares during the last quarter. Institutional investors and hedge funds own 41.71% of the company's stock.

Planet Labs PBC Stock Performance

Planet Labs PBC stock opened at $25.87 on Tuesday. Planet Labs PBC has a 12-month low of $2.79 and a 12-month high of $30.90. The company has a debt-to-equity ratio of 1.28, a current ratio of 4.00 and a quick ratio of 4.00. The company has a market capitalization of $8.11 billion, a price-to-earnings ratio of -61.58 and a beta of 1.95. The firm's fifty day moving average price is $24.23 and its 200 day moving average price is $16.76.

Planet Labs PBC (NYSE:PL - Get Free Report) last released its earnings results on Wednesday, December 10th. The company reported $0.00 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.02. Planet Labs PBC had a negative return on equity of 31.01% and a negative net margin of 45.87%.The company had revenue of $81.25 million during the quarter, compared to analysts' expectations of $72.02 million. During the same period in the prior year, the business posted ($0.02) EPS. The business's revenue was up 32.6% on a year-over-year basis. On average, research analysts forecast that Planet Labs PBC will post -0.37 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

PL has been the topic of several research reports. Northland Securities set a $28.00 target price on Planet Labs PBC in a research report on Tuesday, January 13th. Morgan Stanley boosted their price target on Planet Labs PBC from $20.00 to $26.00 and gave the company an "equal weight" rating in a research report on Tuesday, January 13th. Zacks Research upgraded Planet Labs PBC from a "strong sell" rating to a "hold" rating in a research note on Friday, February 13th. National Bank Financial set a $12.30 price objective on Planet Labs PBC in a report on Tuesday, December 16th. Finally, Citigroup lifted their price objective on Planet Labs PBC from $19.00 to $30.00 and gave the company a "buy" rating in a research note on Tuesday, January 13th. Six research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $21.88.

Insider Buying and Selling

In other news, CFO Ashley F. Johnson sold 150,731 shares of the business's stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $27.01, for a total transaction of $4,071,244.31. Following the completion of the transaction, the chief financial officer owned 1,956,101 shares of the company's stock, valued at approximately $52,834,288.01. The trade was a 7.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Vijaya Gadde sold 20,000 shares of the business's stock in a transaction dated Thursday, January 22nd. The shares were sold at an average price of $26.77, for a total transaction of $535,400.00. Following the transaction, the director directly owned 250,169 shares of the company's stock, valued at $6,697,024.13. The trade was a 7.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 292,348 shares of company stock worth $7,323,958. 17.53% 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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