Planet Labs PBC $PL Shares Sold by Jennison Associates LLC

Jennison Associates LLC cut its holdings in Planet Labs PBC (NYSE:PL) by 42.3% during the fourth quarter, Holdings Channel reports. The institutional investor owned 37,044 shares of the company’s stock after selling 27,209 shares during the quarter. Jennison Associates LLC’s holdings in Planet Labs PBC were worth $731,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PL. Baillie Gifford & Co. purchased a new position in Planet Labs PBC in the fourth quarter worth $32,000. GAMMA Investing LLC boosted its position in shares of Planet Labs PBC by 146.4% during the 4th quarter. GAMMA Investing LLC now owns 2,011 shares of the company’s stock worth $40,000 after purchasing an additional 1,195 shares in the last quarter. MCF Advisors LLC purchased a new stake in shares of Planet Labs PBC during the 3rd quarter worth $32,000. Larson Financial Group LLC acquired a new position in shares of Planet Labs PBC during the 3rd quarter worth $39,000. Finally, Jones Financial Companies Lllp increased its holdings in shares of Planet Labs PBC by 59.3% in the 3rd quarter. Jones Financial Companies Lllp now owns 3,591 shares of the company’s stock valued at $44,000 after purchasing an additional 1,337 shares in the last quarter. Institutional investors and hedge funds own 41.71% of the company’s stock.

Planet Labs PBC Trading Down 0.1%

NYSE:PL opened at $36.85 on Monday. Planet Labs PBC has a 52-week low of $3.38 and a 52-week high of $41.71. The company has a quick ratio of 1.64, a current ratio of 1.65 and a debt-to-equity ratio of 2.37. The stock has a fifty day simple moving average of $30.94 and a 200-day simple moving average of $22.66. The company has a market capitalization of $12.75 billion, a PE ratio of -47.24 and a beta of 1.91.

Planet Labs PBC (NYSE:PL) last issued its quarterly earnings data on Thursday, March 19th. The company reported ($0.48) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.43). Planet Labs PBC had a negative net margin of 80.22% and a negative return on equity of 69.61%. The business had revenue of $86.82 million during the quarter, compared to analyst estimates of $78.17 million. Planet Labs PBC’s revenue for the quarter was up 41.1% on a year-over-year basis. On average, equities research analysts expect that Planet Labs PBC will post -0.45 earnings per share for the current fiscal year.

Insider Activity at Planet Labs PBC

In related news, CFO Ashley F. Johnson sold 200,000 shares of the company’s stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $35.10, for a total value of $7,020,000.00. Following the sale, the chief financial officer owned 1,895,162 shares of the company’s stock, valued at approximately $66,520,186.20. This represents a 9.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Robert H. Schingler sold 73,683 shares of the stock in a transaction on Monday, April 6th. The shares were sold at an average price of $35.07, for a total value of $2,584,062.81. Following the sale, the insider owned 256,488 shares in the company, valued at approximately $8,995,034.16. This trade represents a 22.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 17.53% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages recently commented on PL. The Goldman Sachs Group raised their price objective on shares of Planet Labs PBC from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Monday, April 20th. Morgan Stanley upped their target price on shares of Planet Labs PBC from $26.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, March 25th. Northland Securities set a $28.00 target price on shares of Planet Labs PBC in a report on Tuesday, January 13th. Deutsche Bank Aktiengesellschaft set a $38.00 price target on shares of Planet Labs PBC and gave the company a “buy” rating in a research report on Friday, March 27th. Finally, Zacks Research raised Planet Labs PBC from a “strong sell” rating to a “hold” rating in a research note on Friday, February 13th. Six research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $29.94.

Planet Labs PBC 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.