New York State Common Retirement Fund Boosts Stake in Planet Labs PBC $PL

New York State Common Retirement Fund lifted its holdings in shares of Planet Labs PBC (NYSE:PL) by 45.3% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 202,384 shares of the company’s stock after acquiring an additional 63,088 shares during the quarter. New York State Common Retirement Fund’s holdings in Planet Labs PBC were worth $2,627,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also bought and sold shares of the business. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Planet Labs PBC by 2.6% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 31,264 shares of the company’s stock valued at $406,000 after acquiring an additional 781 shares during the last quarter. Valeo Financial Advisors LLC raised its holdings in shares of Planet Labs PBC by 4.5% during the third quarter. Valeo Financial Advisors LLC now owns 21,641 shares of the company’s stock valued at $281,000 after purchasing an additional 925 shares during the last quarter. 180 Wealth Advisors LLC lifted its position in Planet Labs PBC by 0.8% during the third quarter. 180 Wealth Advisors LLC now owns 147,032 shares of the company’s stock valued at $1,908,000 after purchasing an additional 1,114 shares during the period. Teacher Retirement System of Texas boosted its holdings in Planet Labs PBC by 5.9% in the second quarter. Teacher Retirement System of Texas now owns 31,973 shares of the company’s stock worth $195,000 after purchasing an additional 1,782 shares during the last quarter. Finally, Choreo LLC boosted its holdings in Planet Labs PBC by 19.7% in the second quarter. Choreo LLC now owns 13,072 shares of the company’s stock worth $80,000 after purchasing an additional 2,148 shares during the last quarter. Hedge funds and other institutional investors own 41.71% of the company’s stock.

Planet Labs PBC Trading Up 8.9%

Planet Labs PBC stock opened at $22.25 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. The firm’s 50 day moving average price is $21.03 and its 200-day moving average price is $14.16. Planet Labs PBC has a 1 year low of $2.79 and a 1 year high of $30.90. The stock has a market cap of $6.98 billion, a P/E ratio of -52.98 and a beta of 1.94.

Planet Labs PBC (NYSE:PL) last released its quarterly earnings data on Wednesday, December 10th. The company reported $0.00 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.02. The business had revenue of $81.25 million during the quarter, compared to the consensus estimate of $72.02 million. Planet Labs PBC had a negative net margin of 45.87% and a negative return on equity of 31.01%. The business’s revenue was up 32.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.02) EPS. On average, equities analysts predict that Planet Labs PBC will post -0.37 earnings per share for the current fiscal year.

Insider Transactions at Planet Labs PBC

In related news, Director Kristen Robinson sold 47,835 shares of the firm’s stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $26.96, for a total value of $1,289,631.60. Following the completion of the transaction, the director directly owned 222,897 shares of the company’s stock, valued at approximately $6,009,303.12. This trade represents a 17.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 $6,697,024.13. This represents a 7.40% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 292,368 shares of company stock worth $7,324,211. 17.53% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PL. Northland Securities set a $28.00 price target on Planet Labs PBC in a report on Tuesday, January 13th. Morgan Stanley increased their target price on Planet Labs PBC from $20.00 to $26.00 and gave the company an “equal weight” rating in a report on Tuesday, January 13th. Citizens Jmp cut Planet Labs PBC from an “outperform” rating to a “market perform” rating in a research report on Tuesday, October 21st. Citigroup upped their price target on shares of Planet Labs PBC from $19.00 to $30.00 and gave the company a “buy” rating in a research report on Tuesday, January 13th. Finally, Wedbush raised their price objective on shares of Planet Labs PBC from $20.00 to $28.00 and gave the stock an “outperform” rating in a report on Tuesday, January 13th. Six investment 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’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $21.88.

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.