Entropy Technologies LP Cuts Stake in Planet Labs PBC $PL

Entropy Technologies LP decreased its stake in shares of Planet Labs PBC (NYSE:PL) by 22.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 134,635 shares of the company’s stock after selling 38,680 shares during the period. Entropy Technologies LP’s holdings in Planet Labs PBC were worth $3,763,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in PL. Renaissance Technologies LLC raised its holdings in shares of Planet Labs PBC by 36.5% in the 1st quarter. Renaissance Technologies LLC now owns 1,021,180 shares of the company’s stock worth $28,542,000 after purchasing an additional 273,300 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in shares of Planet Labs PBC by 80.4% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,932,381 shares of the company’s stock worth $54,010,000 after purchasing an additional 861,306 shares in the last quarter. Sei Investments Co. grew its stake in shares of Planet Labs PBC by 76.0% during the first quarter. Sei Investments Co. now owns 212,182 shares of the company’s stock valued at $5,930,000 after acquiring an additional 91,654 shares in the last quarter. First Trust Advisors LP increased its stake in shares of Planet Labs PBC by 4.5% in the first quarter. First Trust Advisors LP now owns 648,656 shares of the company’s stock worth $18,130,000 after buying an additional 28,138 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in Planet Labs PBC by 26.5% during the first quarter. PNC Financial Services Group Inc. now owns 39,951 shares of the company’s stock worth $1,117,000 after purchasing an additional 8,373 shares during the last quarter. Institutional investors and hedge funds own 41.71% of the company’s stock.

Planet Labs PBC Price Performance

NYSE PL opened at $20.46 on Friday. The company has a quick ratio of 2.78, a current ratio of 2.81 and a debt-to-equity ratio of 1.01. The stock has a market capitalization of $7.29 billion, a PE ratio of -17.95 and a beta of 2.06. The company has a 50 day moving average price of $32.86 and a two-hundred day moving average price of $30.64. Planet Labs PBC has a 12-month low of $5.87 and a 12-month high of $51.76.

Planet Labs PBC (NYSE:PL) last issued its quarterly earnings data on Thursday, June 4th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. Planet Labs PBC had a negative return on equity of 105.29% and a negative net margin of 111.17%.The business had revenue of $94.15 million for the quarter, compared to the consensus estimate of $90.39 million. The firm’s revenue was up 42.1% compared to the same quarter last year. As a group, equities analysts predict that Planet Labs PBC will post -0.92 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

PL has been the topic of several research analyst reports. The Goldman Sachs Group lifted their price target on Planet Labs PBC from $22.00 to $25.00 and gave the company a “neutral” rating in a research report on Tuesday, July 14th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $36.00 target price on shares of Planet Labs PBC in a report on Monday, June 15th. Needham & Company LLC increased their price target on Planet Labs PBC from $40.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, June 5th. Citigroup lifted their price target on Planet Labs PBC from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, April 2nd. Finally, Northland Securities set a $50.00 price objective on Planet Labs PBC in a report on Friday, June 5th. Six investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Planet Labs PBC has an average rating of “Hold” and an average price target of $35.36.

Insider Buying and Selling at Planet Labs PBC

In related news, insider Robert H. Schingler sold 64,593 shares of Planet Labs PBC stock in a transaction on Friday, July 10th. The shares were sold at an average price of $25.92, for a total value of $1,674,250.56. Following the transaction, the insider owned 825,541 shares in the company, valued at $21,398,022.72. This trade represents a 7.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John W. Raymond sold 6,494 shares of the company’s stock in a transaction dated Monday, July 13th. The shares were sold at an average price of $26.16, for a total transaction of $169,883.04. Following the sale, the director owned 37,114 shares of the company’s stock, valued at $970,902.24. This trade represents a 14.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 96,087 shares of company stock worth $2,492,134 in the last quarter. Insiders own 16.42% of the company’s stock.

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.