Arrowstreet Capital Limited Partnership Acquires 861,306 Shares of Planet Labs PBC $PL

Arrowstreet Capital Limited Partnership boosted its stake in shares of Planet Labs PBC (NYSE:PL) by 80.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,932,381 shares of the company’s stock after acquiring an additional 861,306 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 0.56% of Planet Labs PBC worth $54,010,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PL. American Capital Advisory LLC bought a new stake in shares of Planet Labs PBC during the first quarter valued at approximately $28,000. Parkside Financial Bank & Trust increased its holdings in shares of Planet Labs PBC by 92.5% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company’s stock valued at $31,000 after purchasing an additional 745 shares in the last quarter. Baillie Gifford & Co. bought a new position in Planet Labs PBC in the 4th quarter worth approximately $32,000. Pittenger & Anderson Inc. raised its position in Planet Labs PBC by 40.9% in the 1st quarter. Pittenger & Anderson Inc. now owns 1,360 shares of the company’s stock worth $38,000 after purchasing an additional 395 shares during the last quarter. Finally, Larson Financial Group LLC acquired a new position in Planet Labs PBC during the 3rd quarter worth $39,000. Institutional investors and hedge funds own 41.71% of the company’s stock.

Insider Buying and Selling at Planet Labs PBC

In other Planet Labs PBC news, insider Robert H. Schingler sold 25,000 shares of Planet Labs PBC stock in a transaction on Friday, July 10th. The shares were sold at an average price of $25.92, for a total value of $648,000.00. Following the sale, the insider directly owned 225,171 shares in the company, valued at approximately $5,836,432.32. The trade was a 9.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John W. Raymond sold 6,494 shares of the business’s stock in a transaction dated Monday, July 13th. The stock was sold at an average price of $26.16, for a total transaction of $169,883.04. Following the sale, the director directly owned 37,114 shares in the company, valued at $970,902.24. This trade represents a 14.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 96,087 shares of company stock worth $2,492,134 over the last quarter. Company insiders own 16.42% of the company’s stock.

Planet Labs PBC Price Performance

Shares of PL opened at $21.05 on Tuesday. The stock has a market capitalization of $7.50 billion, a P/E ratio of -18.47 and a beta of 2.06. Planet Labs PBC has a twelve month low of $5.87 and a twelve month high of $51.76. The company has a 50 day moving average of $32.45 and a 200-day moving average of $30.70. The company has a quick ratio of 2.78, a current ratio of 2.81 and a debt-to-equity ratio of 1.01.

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

Analyst Upgrades and Downgrades

Several research firms have recently commented on PL. Weiss Ratings raised Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, June 15th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $36.00 price target on shares of Planet Labs PBC in a research note on Monday, June 15th. Wedbush started coverage on Planet Labs PBC in a report on Wednesday, July 1st. They issued an “outperform” rating and a $50.00 price target on the stock. Citigroup lifted their price objective 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. Finally, Zacks Research raised Planet Labs PBC from a “strong sell” rating to a “hold” rating in a report on Thursday, July 2nd. Six research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $35.36.

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.