Principal Financial Group Inc. Has $3.66 Million Stock Position in Planet Labs PBC $PL

Principal Financial Group Inc. reduced its stake in shares of Planet Labs PBC (NYSE:PL) by 37.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 282,173 shares of the company’s stock after selling 170,514 shares during the quarter. Principal Financial Group Inc. owned 0.09% of Planet Labs PBC worth $3,663,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Canada Pension Plan Investment Board increased its holdings in shares of Planet Labs PBC by 0.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 7,820,400 shares of the company’s stock worth $47,704,000 after purchasing an additional 20,400 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its position in Planet Labs PBC by 245.7% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,453,131 shares of the company’s stock worth $14,964,000 after buying an additional 1,743,474 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Planet Labs PBC by 54.3% during the first quarter. Goldman Sachs Group Inc. now owns 1,856,245 shares of the company’s stock valued at $6,274,000 after acquiring an additional 653,173 shares during the period. Marshall Wace LLP raised its holdings in Planet Labs PBC by 10,305.7% in the 2nd quarter. Marshall Wace LLP now owns 1,509,248 shares of the company’s stock valued at $9,206,000 after acquiring an additional 1,494,744 shares in the last quarter. Finally, Bank of America Corp DE raised its holdings in Planet Labs PBC by 477.9% in the 2nd quarter. Bank of America Corp DE now owns 1,349,603 shares of the company’s stock valued at $8,233,000 after acquiring an additional 1,116,055 shares in the last quarter. 41.71% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Ashley F. Johnson sold 150,731 shares of the stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $27.01, for a total transaction of $4,071,244.31. Following the sale, the chief financial officer owned 1,956,101 shares in the company, valued at approximately $52,834,288.01. This represents a 7.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Robert H. Schingler sold 73,782 shares of Planet Labs PBC stock in a transaction dated Friday, December 26th. The shares were sold at an average price of $19.35, for a total value of $1,427,681.70. Following the completion of the transaction, the insider directly owned 1,164,729 shares of the company’s stock, valued at $22,537,506.15. This represents a 5.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 292,348 shares of company stock valued at $7,323,958 over the last quarter. 17.53% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PL. Cantor Fitzgerald reissued an “overweight” rating on shares of Planet Labs PBC in a report on Thursday, December 11th. Northland Securities set a $28.00 price target on shares of Planet Labs PBC in a research note on Tuesday, January 13th. Craig Hallum restated a “buy” rating and issued a $30.00 price objective on shares of Planet Labs PBC in a research note on Tuesday, January 13th. Zacks Research downgraded shares of Planet Labs PBC from a “hold” rating to a “strong sell” rating in a report on Monday, December 22nd. Finally, The Goldman Sachs Group reissued a “neutral” rating and issued a $16.40 target price on shares of Planet Labs PBC in a research note on Tuesday, January 20th. Six research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $21.88.

Planet Labs PBC Stock Up 5.3%

Shares of NYSE PL opened at $22.44 on Tuesday. Planet Labs PBC has a 52-week low of $2.79 and a 52-week high of $30.90. The company has a debt-to-equity ratio of 1.28, a quick ratio of 4.00 and a current ratio of 4.00. The business has a fifty day moving average of $22.24 and a two-hundred day moving average of $14.84. The stock has a market cap of $7.04 billion, a PE ratio of -53.42 and a beta of 1.94.

Planet Labs PBC (NYSE:PL) last announced its earnings results on Wednesday, December 10th. The company reported $0.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.02. The business had revenue of $81.25 million during the quarter, compared to analysts’ expectations of $72.02 million. Planet Labs PBC had a negative net margin of 45.87% and a negative return on equity of 31.01%. The firm’s revenue for the quarter was up 32.6% on a year-over-year basis. During the same quarter last year, the company posted ($0.02) EPS. As a group, equities research analysts expect that Planet Labs PBC will post -0.37 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.