Planet Labs PBC $PL Shares Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp boosted its stake in Planet Labs PBC (NYSE:PL) by 44.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 961,155 shares of the company’s stock after buying an additional 295,043 shares during the period. Bank of New York Mellon Corp owned approximately 0.28% of Planet Labs PBC worth $26,864,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. American Capital Advisory LLC purchased a new stake in shares of Planet Labs PBC in the 1st quarter valued at approximately $28,000. Parkside Financial Bank & Trust increased its holdings in Planet Labs PBC by 92.5% in the 4th 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 during the last quarter. Baillie Gifford & Co. acquired a new stake in Planet Labs PBC in the 4th quarter valued at approximately $32,000. Pittenger & Anderson Inc. increased its holdings in Planet Labs PBC by 40.9% in the 1st quarter. Pittenger & Anderson Inc. now owns 1,360 shares of the company’s stock valued at $38,000 after purchasing an additional 395 shares during the last quarter. Finally, Larson Financial Group LLC purchased a new stake in Planet Labs PBC in the third quarter valued at approximately $39,000. Institutional investors and hedge funds own 41.71% of the company’s stock.

Insider Buying and Selling

In other Planet Labs PBC news, Director John W. Raymond sold 6,494 shares of the stock in a transaction that occurred on Monday, July 13th. The shares were sold at an average price of $26.16, for a total value of $169,883.04. Following the transaction, the director directly owned 37,114 shares in the company, valued at $970,902.24. This represents a 14.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Robert H. Schingler sold 64,593 shares of the firm’s stock in a transaction that occurred on Friday, July 10th. The stock was sold at an average price of $25.92, for a total transaction of $1,674,250.56. Following the sale, the insider directly owned 825,541 shares in the company, valued at approximately $21,398,022.72. The trade was a 7.26% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 96,087 shares of company stock valued at $2,492,134 over the last ninety days. 16.42% of the stock is currently owned by corporate insiders.

Planet Labs PBC Trading Up 2.9%

Shares of NYSE:PL opened at $21.05 on Tuesday. The company has a market cap of $7.50 billion, a PE ratio of -18.47 and a beta of 2.06. The company’s 50 day moving average is $32.45 and its two-hundred day moving average is $30.70. Planet Labs PBC has a 52 week low of $5.87 and a 52 week high of $51.76. The company has a current ratio of 2.81, a quick ratio of 2.78 and a debt-to-equity ratio of 1.01.

Planet Labs PBC (NYSE:PL) last issued its earnings results on Thursday, June 4th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates 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 net margin of 111.17% and a negative return on equity of 105.29%. The company’s revenue was up 42.1% on a year-over-year basis. Equities analysts predict that Planet Labs PBC will post -0.92 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have commented on PL shares. Needham & Company LLC upped their price target on Planet Labs PBC from $40.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, June 5th. The Goldman Sachs Group boosted their price objective on Planet Labs PBC from $22.00 to $25.00 and gave the company a “neutral” rating in a report on Tuesday, July 14th. Craig Hallum increased their target price on Planet Labs PBC from $36.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, June 5th. Zacks Research upgraded Planet Labs PBC from a “strong sell” rating to a “hold” rating in a report on Thursday, July 2nd. Finally, New Street Research started coverage on Planet Labs PBC in a research report on Wednesday, May 13th. They issued a “sell” rating and a $28.00 target price for the company. Six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Planet Labs PBC has an average rating of “Hold” and a consensus price target 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.