Quent Capital LLC Makes New Investment in Planet Labs PBC $PL

Key Points

• Quent Capital LLC acquired a new position of 80,600 shares of Planet Labs (NYSE:PL) in Q4, valued at about $1.59 million, as institutional ownership stands at roughly 41.71%.
• Insiders have been selling: CFO Ashley F. Johnson sold 200,000 shares for $7.02 million and Robert H. Schingler sold 73,683 shares for $2.58 million, bringing insider ownership down to 17.53%.
• Planet Labs reported revenue up 41.1% year-over-year but missed EPS expectations (‑$0.48 vs. ‑$0.05), carries a negative P/E with a $12.28 billion market cap, and holds a consensus analyst rating of "Hold" with an average target of $29.94.

Quent Capital LLC acquired a new position in shares of Planet Labs PBC (NYSE:PL - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 80,600 shares of the company's stock, valued at approximately $1,589,000.

A number of other institutional investors have also recently added to or reduced their stakes in PL. MCF Advisors LLC acquired a new stake in shares of Planet Labs PBC in the 3rd quarter valued at $32,000. Baillie Gifford & Co. bought a new stake in Planet Labs PBC during the 4th quarter valued at approximately $32,000. Larson Financial Group LLC bought a new stake in shares of Planet Labs PBC in the third quarter valued at approximately $39,000. GAMMA Investing LLC grew its position in Planet Labs PBC by 146.4% in the 4th quarter. GAMMA Investing LLC now owns 2,011 shares of the company's stock worth $40,000 after purchasing an additional 1,195 shares during the last quarter. Finally, Jones Financial Companies Lllp grew 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 buying an additional 1,337 shares in the last quarter. 41.71% of the stock is currently owned by institutional investors and hedge funds.

Planet Labs PBC Stock Performance

Shares of PL stock opened at $35.46 on Friday. The company has a market capitalization of $12.28 billion, a P/E ratio of -45.47 and a beta of 1.83. Planet Labs PBC has a 52 week low of $3.17 and a 52 week high of $41.71. The company's 50 day moving average price is $29.99 and its two-hundred day moving average price is $22.04. The company has a debt-to-equity ratio of 2.37, a quick ratio of 1.64 and a current ratio of 1.65.

Planet Labs PBC (NYSE:PL - Get Free Report) last announced its earnings results on Thursday, March 19th. The company reported ($0.48) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.43). The company had revenue of $86.82 million during the quarter, compared to analyst estimates of $78.17 million. Planet Labs PBC had a negative return on equity of 69.61% and a negative net margin of 80.22%.The firm's revenue was up 41.1% on a year-over-year basis. On average, analysts expect that Planet Labs PBC will post -0.45 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Robert H. Schingler sold 73,683 shares of the stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $35.07, for a total transaction of $2,584,062.81. Following the completion of the transaction, the insider directly owned 256,488 shares of the company's stock, valued at approximately $8,995,034.16. This represents a 22.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ashley F. Johnson sold 200,000 shares of the stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $35.10, for a total value of $7,020,000.00. Following the completion of the sale, the chief financial officer directly owned 1,895,162 shares of the company's stock, valued at approximately $66,520,186.20. The trade was a 9.55% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 17.53% of the company's stock.

Analyst Ratings Changes

PL has been the subject of several research reports. Citigroup raised their target price on Planet Labs PBC from $30.00 to $35.00 and gave the stock a "buy" rating in a research report on Thursday, April 2nd. Craig Hallum restated a "buy" rating and set a $30.00 price target on shares of Planet Labs PBC in a research report on Tuesday, January 13th. Cantor Fitzgerald increased their price objective on shares of Planet Labs PBC from $20.00 to $40.00 and gave the stock an "overweight" rating in a report on Friday, March 20th. Needham & Company LLC lifted their target price on Planet Labs PBC to $40.00 and gave the company a "buy" rating in a research note on Friday, March 20th. Finally, Deutsche Bank Aktiengesellschaft set a $38.00 price target on shares of Planet Labs PBC and gave the stock a "buy" rating in a research note on Friday, March 27th. Six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $29.94.

Planet Labs PBC Company 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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