State of New Jersey Common Pension Fund D Buys New Stake in Planet Labs PBC $PL

Key Points

• State of New Jersey Common Pension Fund D bought a new stake in Planet Labs (NYSE:PL) of 188,372 shares valued at approximately $3,715,000, representing about 0.06% ownership.
• Company insiders trimmed positions—CFO Ashley F. Johnson sold 200,000 shares for about $7.02 million and Robert H. Schingler sold 73,683 shares for about $2.58 million—reducing insider ownership to 17.53%.
• Analyst views are mixed: six Buys, four Holds and one Sell produce an average rating of "Hold" and an average price target of $29.94, though some firms (e.g., Cantor Fitzgerald) have raised targets up to $40.

State of New Jersey Common Pension Fund D bought a new stake in Planet Labs PBC (NYSE:PL - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 188,372 shares of the company's stock, valued at approximately $3,715,000. State of New Jersey Common Pension Fund D owned approximately 0.06% of Planet Labs PBC as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Baillie Gifford & Co. purchased a new position in shares of Planet Labs PBC in the fourth quarter valued at $32,000. GAMMA Investing LLC grew its holdings in shares of Planet Labs PBC by 146.4% in 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 in the last quarter. MCF Advisors LLC purchased a new position in shares of Planet Labs PBC in the third quarter valued at $32,000. Larson Financial Group LLC purchased a new position in shares of Planet Labs PBC in the third quarter valued at $39,000. Finally, Jones Financial Companies Lllp grew its holdings in shares of Planet Labs PBC by 59.3% in the third quarter. Jones Financial Companies Lllp now owns 3,591 shares of the company's stock valued at $44,000 after purchasing an additional 1,337 shares in the last quarter. 41.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PL. Cantor Fitzgerald raised their target price on shares of Planet Labs PBC from $20.00 to $40.00 and gave the company an "overweight" rating in a report on Friday, March 20th. The Goldman Sachs Group raised their target price on shares of Planet Labs PBC from $18.00 to $20.00 and gave the company a "neutral" rating in a report on Monday, April 20th. Craig Hallum reissued a "buy" rating and issued a $30.00 target price on shares of Planet Labs PBC in a report on Tuesday, January 13th. Weiss Ratings reissued a "sell (d-)" rating on shares of Planet Labs PBC in a report on Tuesday, April 21st. Finally, Northland Securities set a $28.00 price objective on shares of Planet Labs PBC in a research note on Tuesday, January 13th. Six investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $29.94.

Insider Buying and Selling at Planet Labs PBC

In other Planet Labs PBC news, CFO Ashley F. Johnson sold 200,000 shares of Planet Labs PBC stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $35.10, for a total transaction of $7,020,000.00. Following the completion of the transaction, the chief financial officer directly owned 1,895,162 shares of the company's stock, valued at $66,520,186.20. The trade was 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 through this hyperlink. Also, insider Robert H. Schingler sold 73,683 shares of Planet Labs PBC stock in a transaction 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 transaction, the insider directly owned 256,488 shares of the company's stock, valued at $8,995,034.16. The trade was 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 insiders.

Planet Labs PBC Stock Up 4.3%

NYSE PL opened at $38.47 on Tuesday. The company has a quick ratio of 1.64, a current ratio of 1.65 and a debt-to-equity ratio of 2.37. The company has a fifty day moving average of $30.94 and a two-hundred day moving average of $22.66. The firm has a market capitalization of $13.32 billion, a price-to-earnings ratio of -49.32 and a beta of 1.91. Planet Labs PBC has a 52 week low of $3.38 and a 52 week high of $41.71.

Planet Labs PBC 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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