Oppenheimer & Co. Inc. Acquires 851,937 Shares of Planet Labs PBC $PL

Oppenheimer & Co. Inc. lifted its holdings in shares of Planet Labs PBC (NYSE:PL) by 74.1% during the 3rd quarter, Holdings Channel reports. The firm owned 2,002,184 shares of the company’s stock after purchasing an additional 851,937 shares during the period. Oppenheimer & Co. Inc.’s holdings in Planet Labs PBC were worth $25,988,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in the stock. Connor Clark & Lunn Investment Management Ltd. increased its stake in Planet Labs PBC by 245.7% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,453,131 shares of the company’s stock worth $14,964,000 after acquiring an additional 1,743,474 shares during the period. Marshall Wace LLP lifted its position in shares of Planet Labs PBC by 10,305.7% during the 2nd quarter. Marshall Wace LLP now owns 1,509,248 shares of the company’s stock valued at $9,206,000 after acquiring an additional 1,494,744 shares during the period. Jump Financial LLC acquired a new stake in shares of Planet Labs PBC during the 2nd quarter worth $7,723,000. Bank of America Corp DE increased its position in shares of Planet Labs PBC by 477.9% in the second quarter. Bank of America Corp DE now owns 1,349,603 shares of the company’s stock worth $8,233,000 after purchasing an additional 1,116,055 shares during the period. Finally, Qube Research & Technologies Ltd raised its stake in Planet Labs PBC by 415.4% in the second quarter. Qube Research & Technologies Ltd now owns 1,326,337 shares of the company’s stock valued at $8,091,000 after purchasing an additional 1,068,978 shares in the last quarter. 41.71% of the stock is currently owned by institutional investors.

Planet Labs PBC Price Performance

Shares of NYSE PL opened at $22.25 on Monday. The firm has a market capitalization of $6.98 billion, a P/E ratio of -52.98 and a beta of 1.94. The firm’s 50-day moving average price is $21.03 and its 200-day moving average price is $14.16. The company has a current ratio of 4.00, a quick ratio of 4.00 and a debt-to-equity ratio of 1.28. 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 data on Wednesday, December 10th. The company reported $0.00 EPS for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.02. Planet Labs PBC had a negative return on equity of 31.01% and a negative net margin of 45.87%.The firm had revenue of $81.25 million during the quarter, compared to analysts’ expectations of $72.02 million. During the same quarter last year, the firm posted ($0.02) earnings per share. The company’s revenue for the quarter was up 32.6% compared to the same quarter last year. Equities research analysts anticipate that Planet Labs PBC will post -0.37 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

PL has been the topic of a number of analyst reports. JMP Securities reiterated a “market perform” rating on shares of Planet Labs PBC in a research note on Tuesday, October 21st. The Goldman Sachs Group restated a “neutral” rating and set a $16.40 price objective on shares of Planet Labs PBC in a research report on Tuesday, January 20th. Needham & Company LLC boosted their target price on Planet Labs PBC from $16.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Zacks Research downgraded Planet Labs PBC from a “hold” rating to a “strong sell” rating in a report on Monday, December 22nd. Finally, Deutsche Bank Aktiengesellschaft upped their target price on Planet Labs PBC from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $21.88.

Insiders Place Their Bets

In other Planet Labs PBC news, CFO Ashley F. Johnson sold 150,731 shares of Planet Labs PBC stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $27.01, for a total value of $4,071,244.31. Following the sale, the chief financial officer owned 1,956,101 shares of the company’s stock, valued at approximately $52,834,288.01. The trade was a 7.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kristen Robinson sold 47,835 shares of the stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $26.96, for a total transaction of $1,289,631.60. Following the transaction, the director directly owned 222,897 shares of the company’s stock, valued at $6,009,303.12. This represents a 17.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 292,368 shares of company stock worth $7,324,211 over the last 90 days. 17.53% of the stock is currently owned by corporate insiders.

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.