Castleark Management LLC Reduces Holdings in Planet Labs PBC $PL

Castleark Management LLC lowered its position in shares of Planet Labs PBC (NYSE:PL) by 26.7% in the first quarter, Holdings Channel reports. The institutional investor owned 285,650 shares of the company’s stock after selling 103,820 shares during the quarter. Castleark Management LLC’s holdings in Planet Labs PBC were worth $7,984,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Planet Labs PBC by 4.3% in the fourth quarter. Vanguard Group Inc. now owns 19,358,515 shares of the company’s stock valued at $381,750,000 after acquiring an additional 806,818 shares during the last quarter. Canada Pension Plan Investment Board increased its stake in Planet Labs PBC by 0.3% during the second quarter. Canada Pension Plan Investment Board now owns 7,820,400 shares of the company’s stock worth $47,704,000 after acquiring an additional 20,400 shares during the last quarter. Van ECK Associates Corp raised its position in Planet Labs PBC by 320.3% in the fourth quarter. Van ECK Associates Corp now owns 7,678,938 shares of the company’s stock valued at $151,429,000 after purchasing an additional 5,851,758 shares during the period. Geode Capital Management LLC raised its position in Planet Labs PBC by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 5,702,642 shares of the company’s stock valued at $112,475,000 after purchasing an additional 71,381 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Planet Labs PBC by 7.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 4,137,871 shares of the company’s stock valued at $81,599,000 after purchasing an additional 301,757 shares during the last quarter. Hedge funds and other institutional investors own 41.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PL. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $36.00 price target on shares of Planet Labs PBC in a report on Monday, June 15th. Zacks Research upgraded shares of Planet Labs PBC from a “strong sell” rating to a “hold” rating in a report on Thursday, July 2nd. The Goldman Sachs Group upped their target price on shares of Planet Labs PBC from $22.00 to $25.00 and gave the company a “neutral” rating in a research report on Tuesday, July 14th. Citigroup increased their target price on shares of 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, Needham & Company LLC lifted their price target on shares of Planet Labs PBC from $40.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, June 5th. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued 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 $35.36.

Insider Activity

In other news, insider Robert H. Schingler sold 64,593 shares of the stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $25.92, for a total transaction of $1,674,250.56. Following the sale, the insider owned 825,541 shares of the company’s stock, valued at approximately $21,398,022.72. This represents a 7.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John W. Raymond sold 6,494 shares of the firm’s stock in a transaction that occurred on Monday, July 13th. The shares were sold at an average price of $26.16, for a total transaction of $169,883.04. Following the completion of the transaction, the director directly owned 37,114 shares of the company’s stock, valued at approximately $970,902.24. The trade was a 14.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 96,087 shares of company stock valued at $2,492,134. 16.42% of the stock is currently owned by corporate insiders.

Planet Labs PBC Stock Down 0.0%

NYSE:PL opened at $20.46 on Monday. Planet Labs PBC has a 52 week low of $5.87 and a 52 week high of $51.76. The stock’s fifty day moving average is $32.86 and its two-hundred day moving average is $30.70. The stock has a market capitalization of $7.29 billion, a price-to-earnings ratio of -17.95 and a beta of 2.06. The company has a quick ratio of 2.78, a current ratio of 2.81 and a debt-to-equity ratio of 1.01.

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 during the quarter, compared to analysts’ expectations of $90.39 million. The firm’s revenue was up 42.1% compared to the same quarter last year. Research analysts anticipate that Planet Labs PBC will post -0.92 EPS for the current year.

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.