Planet Labs PBC $PL Stake Lessened by Strs Ohio

Key Points

• Strs Ohio sharply reduced its Planet Labs stake by 62.8% in the fourth quarter, selling 55,900 shares and leaving it with 33,100 shares worth about $653,000.
• Several Planet Labs insiders sold shares, including CFO Ashley F. Johnson’s 200,000-share sale and insider Robert H. Schingler’s 73,683-share sale, both disclosed in SEC filings.
• Analyst sentiment remains mixed: Planet Labs has a consensus Hold rating with an average target price of $29.94, even as the stock traded at $39.10 and has seen price targets range from $28 to $35.

Strs Ohio lowered its holdings in Planet Labs PBC (NYSE:PL - Free Report) by 62.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 33,100 shares of the company's stock after selling 55,900 shares during the period. Strs Ohio's holdings in Planet Labs PBC were worth $653,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Baillie Gifford & Co. acquired a new stake in Planet Labs PBC during the fourth quarter valued at $32,000. GAMMA Investing LLC boosted its position in Planet Labs PBC by 146.4% during the fourth quarter. GAMMA Investing LLC now owns 2,011 shares of the company's stock valued at $40,000 after purchasing an additional 1,195 shares during the last quarter. North Star Investment Management Corp. boosted its position in Planet Labs PBC by 1,111.1% during the fourth quarter. North Star Investment Management Corp. now owns 2,180 shares of the company's stock valued at $43,000 after purchasing an additional 2,000 shares during the last quarter. MCF Advisors LLC acquired a new stake in Planet Labs PBC during the third quarter valued at $32,000. Finally, Larson Financial Group LLC acquired a new stake in Planet Labs PBC during the third quarter valued at $39,000. Hedge funds and other institutional investors own 41.71% of the company's stock.

Insider Activity

In other Planet Labs PBC news, CFO Ashley F. Johnson sold 200,000 shares of the firm's stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $35.10, for a total transaction of $7,020,000.00. Following the transaction, the chief financial officer directly owned 1,895,162 shares in the company, valued at $66,520,186.20. This trade represents a 9.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Robert H. Schingler sold 73,683 shares of the firm's stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $35.07, for a total value of $2,584,062.81. Following the transaction, the insider owned 256,488 shares in the company, valued at approximately $8,995,034.16. This trade represents a 22.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 17.53% of the stock is owned by company insiders.

Planet Labs PBC Price Performance

NYSE PL opened at $39.10 on Friday. Planet Labs PBC has a fifty-two week low of $3.47 and a fifty-two week high of $41.71. The stock's 50-day moving average is $31.74 and its two-hundred day moving average is $23.16. 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 cap of $13.53 billion, a P/E ratio of -50.13 and a beta of 1.91.

Analysts Set New Price Targets

A number of research firms recently issued reports on PL. Northland Securities set a $28.00 price objective on Planet Labs PBC in a research report on Tuesday, January 13th. Zacks Research raised Planet Labs PBC from a "strong sell" rating to a "hold" rating in a research report on Friday, February 13th. Weiss Ratings cut Planet Labs PBC from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Monday. Morgan Stanley lifted their price objective on Planet Labs PBC from $26.00 to $35.00 and gave the company an "equal weight" rating in a research report on Wednesday, March 25th. Finally, Craig Hallum reissued a "buy" rating and set a $30.00 price objective on shares of Planet Labs PBC in a research report on Tuesday, January 13th. Six research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Planet Labs PBC presently has a consensus rating of "Hold" and an average target price of $29.94.

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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