Planet Labs PBC $PL Shares Acquired by Van ECK Associates Corp

Van ECK Associates Corp grew its stake in shares of Planet Labs PBC (NYSE:PL) by 77.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 1,827,180 shares of the company’s stock after acquiring an additional 800,339 shares during the quarter. Van ECK Associates Corp’s holdings in Planet Labs PBC were worth $23,717,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Planet Labs PBC by 2.6% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 31,264 shares of the company’s stock worth $406,000 after buying an additional 781 shares during the period. Victory Capital Management Inc. lifted its position in shares of Planet Labs PBC by 3.6% in the 3rd quarter. Victory Capital Management Inc. now owns 25,855 shares of the company’s stock valued at $336,000 after acquiring an additional 896 shares in the last quarter. Valeo Financial Advisors LLC grew its position in Planet Labs PBC by 4.5% during the 3rd quarter. Valeo Financial Advisors LLC now owns 21,641 shares of the company’s stock worth $281,000 after purchasing an additional 925 shares in the last quarter. 180 Wealth Advisors LLC grew its holdings in shares of 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 buying an additional 1,114 shares in the last quarter. Finally, Arizona State Retirement System raised its position in Planet Labs PBC by 1.8% during the third quarter. Arizona State Retirement System now owns 62,646 shares of the company’s stock valued at $813,000 after buying an additional 1,121 shares during the period. Hedge funds and other institutional investors own 41.71% of the company’s stock.

Planet Labs PBC Stock Performance

PL stock opened at $25.41 on Thursday. The firm has a 50 day moving average of $24.45 and a two-hundred day moving average of $16.95. Planet Labs PBC has a 12 month low of $2.79 and a 12 month high of $30.90. The company has a market capitalization of $7.97 billion, a price-to-earnings ratio of -60.50 and a beta of 1.95. The company has a quick ratio of 4.00, a current ratio of 4.00 and a debt-to-equity ratio of 1.28.

Planet Labs PBC (NYSE:PL) last issued its quarterly earnings data on Wednesday, December 10th. The company reported $0.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.02. The firm had revenue of $81.25 million during the quarter, compared to analysts’ expectations 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 in the prior year, the company posted ($0.02) earnings per share. As a group, equities analysts anticipate that Planet Labs PBC will post -0.37 EPS for the current fiscal year.

Analyst Ratings Changes

PL has been the topic of a number of research reports. Citigroup upped their target price on Planet Labs PBC from $19.00 to $30.00 and gave the company a “buy” rating in a report on Tuesday, January 13th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Planet Labs PBC from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. National Bank Financial set a $12.30 price objective on shares of Planet Labs PBC in a research note on Tuesday, December 16th. Needham & Company LLC lifted their target price on shares of Planet Labs PBC from $16.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Finally, Craig Hallum reaffirmed a “buy” rating and issued a $30.00 price target on shares of Planet Labs PBC in a research note on Tuesday, January 13th. Six equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $21.88.

Insider Buying and Selling

In other Planet Labs PBC news, CFO Ashley F. Johnson sold 150,731 shares of the company’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $27.01, for a total transaction of $4,071,244.31. Following the completion of the sale, the chief financial officer owned 1,956,101 shares of the company’s stock, valued at $52,834,288.01. This represents a 7.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Vijaya Gadde sold 20,000 shares of the stock in a transaction that occurred on Thursday, January 22nd. The shares were sold at an average price of $26.77, for a total value of $535,400.00. Following the transaction, the director owned 250,169 shares in the company, valued at approximately $6,697,024.13. This trade represents a 7.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 292,348 shares of company stock worth $7,323,958 over the last ninety days. 17.53% of the stock is currently owned by corporate insiders.

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.