175,000 Shares in Planet Labs PBC $PL Acquired by Archon Capital Management LLC

Archon Capital Management LLC acquired a new stake in shares of Planet Labs PBC (NYSE:PL) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 175,000 shares of the company’s stock, valued at approximately $1,068,000. Archon Capital Management LLC owned approximately 0.06% of Planet Labs PBC as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PL. Teacher Retirement System of Texas boosted its stake in shares of Planet Labs PBC by 5.9% during the 2nd quarter. Teacher Retirement System of Texas now owns 31,973 shares of the company’s stock valued at $195,000 after buying an additional 1,782 shares during the period. Choreo LLC raised its holdings in shares of Planet Labs PBC by 19.7% during the second quarter. Choreo LLC now owns 13,072 shares of the company’s stock worth $80,000 after acquiring an additional 2,148 shares in the last quarter. SBI Securities Co. Ltd. boosted its position in Planet Labs PBC by 45.1% during the second quarter. SBI Securities Co. Ltd. now owns 9,877 shares of the company’s stock valued at $60,000 after purchasing an additional 3,068 shares during the last quarter. Mackenzie Financial Corp grew its stake in Planet Labs PBC by 32.1% in the first quarter. Mackenzie Financial Corp now owns 13,364 shares of the company’s stock valued at $45,000 after purchasing an additional 3,245 shares in the last quarter. Finally, New York State Common Retirement Fund increased its position in Planet Labs PBC by 3.0% in the 2nd quarter. New York State Common Retirement Fund now owns 139,296 shares of the company’s stock worth $850,000 after purchasing an additional 3,993 shares during the last quarter. Hedge funds and other institutional investors own 41.71% of the company’s stock.

Planet Labs PBC Price Performance

Shares of Planet Labs PBC stock opened at $12.94 on Friday. The company has a market cap of $3.98 billion, a PE ratio of -43.13 and a beta of 2.00. The firm has a fifty day moving average price of $13.01 and a two-hundred day moving average price of $8.82. Planet Labs PBC has a fifty-two week low of $2.79 and a fifty-two week high of $16.78.

Planet Labs PBC (NYSE:PL) last released its earnings results on Monday, September 8th. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.03). The firm had revenue of $73.39 million for the quarter, compared to analyst estimates of $65.88 million. Planet Labs PBC had a negative return on equity of 20.25% and a negative net margin of 34.46%.The firm’s quarterly revenue was up 20.1% compared to the same quarter last year. During the same period last year, the business earned ($0.06) earnings per share. Analysts expect that Planet Labs PBC will post -0.37 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Planet Labs PBC news, insider Robert H. Schingler sold 81,656 shares of Planet Labs PBC stock in a transaction on Monday, October 13th. The shares were sold at an average price of $15.50, for a total transaction of $1,265,668.00. Following the sale, the insider owned 1,288,843 shares in the company, valued at $19,977,066.50. The trade was a 5.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 17.53% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

PL has been the subject of several research reports. JMP Securities reiterated a “market perform” rating on shares of Planet Labs PBC in a report on Tuesday, October 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Planet Labs PBC in a research note on Wednesday, October 8th. Needham & Company LLC boosted their target price on shares of Planet Labs PBC from $12.00 to $16.00 and gave the stock a “buy” rating in a research report on Monday, October 20th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Planet Labs PBC from $10.00 to $16.00 and gave the company a “buy” rating in a report on Tuesday, October 21st. Finally, Wedbush lifted their price objective on shares of Planet Labs PBC from $11.00 to $17.00 and gave the company an “outperform” rating in a research note on Thursday, October 2nd. Eight investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Planet Labs PBC currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.26.

Planet Labs PBC Company Profile

Planet Labs PBC engages in the design, construction, and launch constellations of satellites with the intent of providing high cadence geospatial data delivered to customers through an online platform worldwide. The company’s platform offers planet monitoring, basemap, tasking, apps, and application programming interfaces, as well as analytics and planetary variables.