Algert Global LLC Increases Stake in Planet Labs PBC $PL

Algert Global LLC raised its holdings in shares of Planet Labs PBC (NYSE:PL) by 706.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 778,659 shares of the company’s stock after acquiring an additional 682,149 shares during the quarter. Algert Global LLC owned approximately 0.25% of Planet Labs PBC worth $10,107,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of PL. Vanguard Group Inc. raised its holdings in Planet Labs PBC by 9.7% in the 3rd quarter. Vanguard Group Inc. now owns 18,551,697 shares of the company’s stock worth $240,801,000 after purchasing an additional 1,637,880 shares during the period. Canada Pension Plan Investment Board grew its holdings 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 valued at $47,704,000 after purchasing an additional 20,400 shares during the period. Barclays PLC increased its position in Planet Labs PBC by 758.1% in the third quarter. Barclays PLC now owns 3,727,743 shares of the company’s stock worth $48,386,000 after buying an additional 3,293,333 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in Planet Labs PBC by 51.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,705,913 shares of the company’s stock worth $48,103,000 after buying an additional 1,252,782 shares in the last quarter. Finally, Invesco Ltd. raised its stake in shares of Planet Labs PBC by 265.6% in the third quarter. Invesco Ltd. now owns 3,450,479 shares of the company’s stock worth $44,787,000 after buying an additional 2,506,595 shares during the period. Institutional investors own 41.71% of the company’s stock.

Insider Activity at Planet Labs PBC

In related news, insider Robert H. Schingler sold 73,782 shares of the firm’s stock in a transaction on Friday, December 26th. The shares were sold at an average price of $19.35, for a total transaction 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 approximately $22,537,506.15. This trade represents a 5.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Vijaya Gadde sold 20,000 shares of the business’s stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $26.77, for a total transaction of $535,400.00. Following the completion of the sale, the director owned 250,169 shares in the company, valued at approximately $6,697,024.13. The trade was a 7.40% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 292,348 shares of company stock worth $7,323,958 in the last three months. Insiders own 17.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PL. Needham & Company LLC lifted their price objective on Planet Labs PBC from $16.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. Cantor Fitzgerald reissued an “overweight” rating on shares of Planet Labs PBC in a report on Thursday, December 11th. Morgan Stanley raised their target price on shares of Planet Labs PBC from $20.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 13th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $16.40 price target on shares of Planet Labs PBC in a report on Tuesday, January 20th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of Planet Labs PBC from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. Six investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $21.88.

Planet Labs PBC Trading Down 0.7%

PL stock opened at $24.79 on Monday. The company has a debt-to-equity ratio of 1.28, a current ratio of 4.00 and a quick ratio of 4.00. Planet Labs PBC has a 1-year low of $2.79 and a 1-year high of $30.90. The business has a 50 day simple moving average of $24.64 and a two-hundred day simple moving average of $17.27. The company has a market capitalization of $7.78 billion, a price-to-earnings ratio of -59.02 and a beta of 1.95.

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.