MADDEN SECURITIES Corp Purchases 38,175 Shares of Planet Labs PBC $PL

MADDEN SECURITIES Corp purchased a new position in Planet Labs PBC (NYSE:PL) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm purchased 38,175 shares of the company’s stock, valued at approximately $626,000.

A number of other institutional investors have also made changes to their positions in the stock. Center for Financial Planning Inc. bought a new stake in Planet Labs PBC in the third quarter valued at about $63,000. Wedbush Securities Inc. boosted its holdings in Planet Labs PBC by 94.0% during the third quarter. Wedbush Securities Inc. now owns 31,458 shares of the company’s stock worth $516,000 after buying an additional 15,244 shares during the last quarter. SBI Securities Co. Ltd. boosted its holdings in Planet Labs PBC by 18.5% during the third quarter. SBI Securities Co. Ltd. now owns 60,087 shares of the company’s stock worth $985,000 after buying an additional 9,369 shares during the last quarter. Kopp Family Office LLC bought a new position in Planet Labs PBC during the third quarter worth about $544,000. Finally, Kings Path Partners LLC acquired a new position in shares of Planet Labs PBC during the 3rd quarter worth about $193,000. 41.71% of the stock is owned by institutional investors and hedge funds.

Planet Labs PBC Trading Up 5.6%

PL stock opened at $14.53 on Wednesday. The business’s 50-day moving average price is $17.34 and its two-hundred day moving average price is $26.76. The firm has a market cap of $5.29 billion, a PE ratio of -13.21 and a beta of 2.17. Planet Labs PBC has a 1-year low of $10.52 and a 1-year high of $51.76.

Planet Labs PBC (NYSE:PL) last posted its earnings results on Thursday, September 3rd. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.04. The business had revenue of $116.05 million during the quarter, compared to analyst estimates of $104.53 million. During the same period in the previous year, the firm posted ($0.07) earnings per share. The firm’s revenue was up 58.2% on a year-over-year basis. On average, analysts forecast that Planet Labs PBC will post -0.60 earnings per share for the current year.

Insider Buying and Selling at Planet Labs PBC

In related news, Director John W. Raymond sold 6,494 shares of the stock in a transaction that occurred on Tuesday, October 13th. The stock was sold at an average price of $15.23, for a total transaction of $98,903.62. Following the completion of the sale, the director directly owned 30,620 shares of the company’s stock, valued at approximately $466,342.60. This represents a 17.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Ashley F. Johnson sold 55,663 shares of the stock in a transaction that occurred on Thursday, September 17th. The stock was sold at an average price of $16.96, for a total value of $944,044.48. Following the sale, the chief financial officer directly owned 577,915 shares of the company’s stock, valued at approximately $9,801,438.40. The trade was a 8.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 165,897 shares of company stock worth $2,681,988 over the last three months. Company insiders own 16.42% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on PL shares. Zacks Research upgraded Planet Labs PBC from a “strong sell” rating to a “hold” rating in a research report on Thursday, July 2nd. Citigroup downgraded shares of Planet Labs PBC from a “market perform” rating to a “hold” rating in a research report on Friday, September 4th. Craig Hallum set a $35.00 price target on shares of Planet Labs PBC in a research report on Friday, September 4th. Berenberg Bank began coverage on shares of Planet Labs PBC in a research note on Wednesday, September 2nd. They set a “buy” rating and a $25.00 price objective on the stock. Finally, Needham & Company LLC decreased their price objective on shares of Planet Labs PBC from $53.00 to $40.00 and set a “buy” rating for the company in a report on Friday, September 4th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Planet Labs PBC currently has a consensus rating of “Hold” and a consensus price target of $30.33.

About Planet Labs PBC

Planet Labs PBC is a space and data analytics company that operates a large fleet of Earth-observation satellites. The company captures frequently updated imagery of land and coastal areas worldwide, helping organizations monitor changes and make decisions based on current geospatial information.

Planet’s product portfolio includes PlanetScope, which provides high-frequency satellite imagery, and SkySat, which offers higher-resolution imagery for more detailed analysis. The company also develops specialized satellite and data products, including hyperspectral capabilities, and provides cloud-based platforms, application programming interfaces and analytical tools that allow customers to access, analyze and integrate geospatial data into their own workflows.

Its customers and partners include businesses, governments, researchers and nonprofit organizations in areas such as agriculture, mapping, forestry, energy, infrastructure, insurance, defense and climate monitoring.