Planet Labs PBC $PL Stock Sold by Oppenheimer & Co. Inc.

Key Points

• Oppenheimer & Co. cut its Planet Labs stake by 69.9% in the third quarter, selling 1.05 million shares and retaining 451,829 shares valued at approximately $7.4 million.
• Planet Labs reported stronger-than-expected quarterly results, with EPS of $0.02 versus the estimated loss of $0.02 and revenue of $116.05 million, up 58.2% year over year. However, the company remained deeply unprofitable, with a negative net margin of 95.13%.
• PL shares opened at $14.32, well below their 12-month high of $51.76. Analyst sentiment is mixed, with an overall “Hold” rating and an average price target of $30.33, while insiders have sold shares worth about $2.68 million over the past 90 days.

Oppenheimer & Co. Inc. trimmed its stake in shares of Planet Labs PBC (NYSE:PL - Free Report) by 69.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 451,829 shares of the company's stock after selling 1,049,411 shares during the quarter. Oppenheimer & Co. Inc. owned about 0.12% of Planet Labs PBC worth $7,405,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the stock. American Capital Advisory LLC bought a new position 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 first quarter valued at approximately $28,000. Pittenger & Anderson Inc. raised its holdings in Planet Labs PBC by 40.9% during the first quarter. Pittenger & Anderson Inc. now owns 1,360 shares of the company's stock worth $38,000 after purchasing an additional 395 shares in the last quarter. Whittier Trust Co. of Nevada Inc. bought a new stake in Planet Labs PBC during the first quarter worth approximately $41,000. Finally, Whittier Trust Co. acquired a new stake in Planet Labs PBC in the first quarter worth approximately $66,000. 41.71% of the stock is owned by institutional investors and hedge funds.

Planet Labs PBC Stock Down 1.2%

PL stock opened at $14.32 on Thursday. The firm has a market cap of $5.21 billion, a PE ratio of -13.02 and a beta of 2.17. Planet Labs PBC has a 12 month low of $10.52 and a 12 month high of $51.76. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.84 and a quick ratio of 2.82. The firm has a 50 day simple moving average of $17.15 and a 200 day simple moving average of $26.72.

Planet Labs PBC (NYSE:PL - Get Free Report) last posted its quarterly earnings results 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 firm had revenue of $116.05 million for the quarter, compared to analyst estimates of $104.53 million. Planet Labs PBC had a negative net margin of 95.13% and a negative return on equity of 93.11%. The firm's quarterly revenue was up 58.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.07) earnings per share. Equities research analysts forecast that Planet Labs PBC will post -0.60 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of Planet Labs PBC in a research report on Friday, September 11th. Wedbush assumed coverage on Planet Labs PBC in a research note on Wednesday, July 1st. They issued an "outperform" rating and a $50.00 price objective on the stock. Needham & Company LLC cut their price objective on Planet Labs PBC from $53.00 to $40.00 and set a "buy" rating for the company in a report on Friday, September 4th. Morgan Stanley decreased their target price on Planet Labs PBC from $35.00 to $19.00 and set an "equal weight" rating for the company in a research note on Friday, October 16th. Finally, Berenberg Bank assumed coverage on Planet Labs PBC in a report on Wednesday, September 2nd. They set a "buy" rating and a $25.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Planet Labs PBC currently has an average rating of "Hold" and an average price target of $30.33.

Insiders Place Their Bets

In related news, Director Ita M. Brennan sold 11,500 shares of the stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $16.30, for a total value of $187,450.00. Following the completion of the transaction, the director owned 250,373 shares in the company, valued at $4,081,079.90. This trade represents a 4.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Robert H. Schingler sold 52,240 shares of the stock in a transaction on Thursday, September 17th. The shares were sold at an average price of $16.96, for a total value of $885,990.40. Following the completion of the transaction, the insider owned 170,171 shares of the company's stock, valued at $2,886,100.16. This trade represents a 23.49% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 165,897 shares of company stock worth $2,681,988. Corporate insiders own 16.42% of the company's stock.

About Planet Labs PBC

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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