39,519 Shares in Planet Labs PBC $PL Purchased by Fifth Third Bancorp

Fifth Third Bancorp purchased a new stake in shares of Planet Labs PBC (NYSE:PL) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 39,519 shares of the company’s stock, valued at approximately $1,105,000.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Planet Labs PBC by 4.3% in the fourth quarter. Vanguard Group Inc. now owns 19,358,515 shares of the company’s stock valued at $381,750,000 after purchasing an additional 806,818 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in Planet Labs PBC by 0.3% during the second quarter. Canada Pension Plan Investment Board now owns 7,820,400 shares of the company’s stock worth $47,704,000 after buying an additional 20,400 shares in the last quarter. Van ECK Associates Corp boosted its stake in Planet Labs PBC by 320.3% during the fourth quarter. Van ECK Associates Corp now owns 7,678,938 shares of the company’s stock worth $151,429,000 after buying an additional 5,851,758 shares in the last quarter. Geode Capital Management LLC increased its holdings in Planet Labs PBC by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 5,702,642 shares of the company’s stock valued at $112,475,000 after buying an additional 71,381 shares during the period. Finally, Goldman Sachs Group Inc. increased its holdings in Planet Labs PBC by 7.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 4,137,871 shares of the company’s stock valued at $81,599,000 after buying an additional 301,757 shares during the period. Institutional investors and hedge funds own 41.71% of the company’s stock.

Wall Street Analysts Forecast Growth

PL has been the subject of a number of analyst reports. Craig Hallum raised their price objective on shares of Planet Labs PBC from $36.00 to $49.00 and gave the stock a “buy” rating in a report on Friday, June 5th. Wedbush assumed coverage on shares of Planet Labs PBC in a research note on Wednesday, July 1st. They set an “outperform” rating and a $50.00 price target for the company. Needham & Company LLC lifted their price objective on Planet Labs PBC from $40.00 to $53.00 and gave the company a “buy” rating in a report on Friday, June 5th. Weiss Ratings upgraded Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 15th. Finally, New Street Research initiated coverage on Planet Labs PBC in a research report on Wednesday, May 13th. They issued a “sell” rating and a $28.00 price target on the stock. Six research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Planet Labs PBC has an average rating of “Hold” and an average target price of $35.36.

Insiders Place Their Bets

In related news, Director John W. Raymond sold 6,494 shares of Planet Labs PBC stock in a transaction dated Monday, July 13th. The stock was sold at an average price of $26.16, for a total value of $169,883.04. Following the completion of the transaction, the director directly owned 37,114 shares of the company’s stock, valued at $970,902.24. The trade was a 14.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Robert H. Schingler sold 25,000 shares of the company’s stock in a transaction dated Friday, July 10th. The stock was sold at an average price of $25.92, for a total transaction of $648,000.00. Following the transaction, the insider owned 225,171 shares in the company, valued at approximately $5,836,432.32. This trade represents a 9.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 96,087 shares of company stock valued at $2,492,134. 16.42% of the stock is currently owned by corporate insiders.

Planet Labs PBC Stock Down 8.5%

NYSE PL opened at $20.46 on Friday. The stock’s 50 day simple moving average is $32.86 and its 200 day simple moving average is $30.64. Planet Labs PBC has a one year low of $5.87 and a one year high of $51.76. The firm has a market cap of $7.29 billion, a PE ratio of -17.95 and a beta of 2.06. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.81 and a quick ratio of 2.78.

Planet Labs PBC (NYSE:PL) last issued its quarterly earnings data on Thursday, June 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.01. The firm had revenue of $94.15 million during the quarter, compared to the consensus estimate of $90.39 million. Planet Labs PBC had a negative return on equity of 105.29% and a negative net margin of 111.17%.The company’s revenue was up 42.1% on a year-over-year basis. As a group, sell-side analysts forecast that Planet Labs PBC will post -0.92 earnings per share for the current fiscal year.

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.