Connor Clark & Lunn Investment Management Ltd. Has $48.10 Million Position in Planet Labs PBC $PL

Connor Clark & Lunn Investment Management Ltd. grew its holdings in Planet Labs PBC (NYSE:PL) by 51.1% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 3,705,913 shares of the company’s stock after buying an additional 1,252,782 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 1.20% of Planet Labs PBC worth $48,103,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in PL. New York State Common Retirement Fund grew its holdings in Planet Labs PBC by 45.3% during the 3rd quarter. New York State Common Retirement Fund now owns 202,384 shares of the company’s stock worth $2,627,000 after acquiring an additional 63,088 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Planet Labs PBC in the 2nd quarter valued at about $1,947,000. Oppenheimer & Co. Inc. raised its stake in shares of Planet Labs PBC by 74.1% in the third quarter. Oppenheimer & Co. Inc. now owns 2,002,184 shares of the company’s stock worth $25,988,000 after acquiring an additional 851,937 shares during the last quarter. Ranger Investment Management L.P. acquired a new position in shares of Planet Labs PBC during the third quarter worth approximately $2,688,000. Finally, Rice Hall James & Associates LLC acquired a new position in shares of Planet Labs PBC during the third quarter worth approximately $4,392,000. 41.71% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Kristen Robinson sold 47,835 shares of the company’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 sale, the director owned 222,897 shares in the company, valued at $6,009,303.12. This represents a 17.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Ashley F. Johnson sold 150,731 shares of the firm’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $27.01, for a total value of $4,071,244.31. Following the sale, the chief financial officer directly owned 1,956,101 shares in the company, valued at $52,834,288.01. The trade was a 7.15% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 292,348 shares of company stock valued at $7,323,958. 17.53% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PL. Needham & Company LLC raised their price target on shares of Planet Labs PBC from $16.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, December 11th. National Bank Financial set a $12.30 price objective on Planet Labs PBC in a report on Tuesday, December 16th. Deutsche Bank Aktiengesellschaft lifted their target price on Planet Labs PBC from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $16.40 price target on shares of Planet Labs PBC in a research note on Tuesday, January 20th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Planet Labs PBC in a report on Thursday, January 22nd. Six investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $21.88.

Planet Labs PBC Price Performance

Planet Labs PBC stock opened at $24.91 on Friday. The company has a current ratio of 4.00, a quick ratio of 4.00 and a debt-to-equity ratio of 1.28. The firm has a market capitalization of $7.81 billion, a P/E ratio of -59.31 and a beta of 1.95. The business has a 50-day moving average of $24.56 and a 200-day moving average of $17.01. Planet Labs PBC has a 1 year low of $2.79 and a 1 year high of $30.90.

Planet Labs PBC (NYSE:PL) last announced its quarterly earnings results on Wednesday, December 10th. The company reported $0.00 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.02. The business had revenue of $81.25 million for 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%. Planet Labs PBC’s revenue for the quarter was up 32.6% on a year-over-year basis. During the same period last year, the company posted ($0.02) EPS. On average, equities analysts anticipate that Planet Labs PBC will post -0.37 EPS for the current year.

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.