Vanguard Group Inc. Buys 806,818 Shares of Planet Labs PBC $PL

Key Points

• Vanguard Group raised its stake in Planet Labs by 4.3%, acquiring 806,818 shares to hold 19,358,515 shares (about 6.17% of the company) valued at $381.75 million.
• Analyst coverage is mixed—six Buys, four Holds and one Sell—resulting in a consensus rating of Hold and a consensus price target of $29.94, which is below the current share price (~$39.69).
• Several insiders sold shares recently (CFO Ashley Johnson sold 200,000 shares for ~$7.02M; another insider sold 73,683 shares), though insiders collectively still own 17.53% of the stock.

Vanguard Group Inc. raised its stake in Planet Labs PBC (NYSE:PL - Free Report) by 4.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 19,358,515 shares of the company's stock after acquiring an additional 806,818 shares during the quarter. Vanguard Group Inc. owned about 6.17% of Planet Labs PBC worth $381,750,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. NBC Securities Inc. bought a new position in Planet Labs PBC in the 4th quarter valued at about $295,000. Arizona State Retirement System raised its holdings in Planet Labs PBC by 7.2% in the 4th quarter. Arizona State Retirement System now owns 67,153 shares of the company's stock valued at $1,324,000 after acquiring an additional 4,507 shares during the period. Crown Wealth Group LLC raised its holdings in Planet Labs PBC by 15.4% in the 4th quarter. Crown Wealth Group LLC now owns 23,258 shares of the company's stock valued at $459,000 after acquiring an additional 3,110 shares during the period. Aspiring Ventures LLC raised its holdings in Planet Labs PBC by 6.0% in the 4th quarter. Aspiring Ventures LLC now owns 195,555 shares of the company's stock valued at $3,856,000 after acquiring an additional 11,134 shares during the period. Finally, GF Fund Management CO. LTD. bought a new position in Planet Labs PBC in the 4th quarter valued at about $123,000. 41.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

PL has been the topic of several research analyst reports. Zacks Research raised shares of Planet Labs PBC from a "strong sell" rating to a "hold" rating in a report on Friday, February 13th. Citigroup raised their target price on shares of Planet Labs PBC from $30.00 to $35.00 and gave the stock a "buy" rating in a report on Thursday, April 2nd. Craig Hallum reaffirmed a "buy" rating and set a $30.00 target price on shares of Planet Labs PBC in a report on Tuesday, January 13th. The Goldman Sachs Group raised their target price on shares of Planet Labs PBC from $18.00 to $20.00 and gave the stock a "neutral" rating in a report on Monday, April 20th. Finally, Needham & Company LLC raised their target price on shares of Planet Labs PBC to $40.00 and gave the stock a "buy" rating in a report on Friday, March 20th. 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. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $29.94.

Planet Labs PBC Stock Up 6.9%

Shares of PL opened at $39.69 on Thursday. Planet Labs PBC has a 12 month low of $3.40 and a 12 month high of $41.71. The firm's 50 day moving average is $31.53 and its 200-day moving average is $23.00. The stock has a market capitalization of $13.74 billion, a PE ratio of -50.89 and a beta of 1.91. The company has a current ratio of 1.65, a quick ratio of 1.64 and a debt-to-equity ratio of 2.37.

Insider Buying and Selling

In related news, CFO Ashley F. Johnson sold 200,000 shares of Planet Labs PBC 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 transaction, the chief financial officer directly owned 1,895,162 shares of the company's stock, valued at $66,520,186.20. This trade represents a 9.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Robert H. Schingler sold 73,683 shares of Planet Labs PBC stock in a transaction that occurred on Monday, April 6th. The shares were 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 in the company, valued at $8,995,034.16. This trade represents a 22.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 17.53% of the company's stock.

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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