Conestoga Capital Advisors LLC Reduces Holdings in Planet Labs PBC $PL

Conestoga Capital Advisors LLC reduced its holdings in shares of Planet Labs PBC (NYSE:PL) by 66.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 82,985 shares of the company’s stock after selling 163,250 shares during the quarter. Conestoga Capital Advisors LLC’s holdings in Planet Labs PBC were worth $1,636,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. Wealthfront Advisers LLC increased its holdings in Planet Labs PBC by 5.4% during the 4th quarter. Wealthfront Advisers LLC now owns 12,715 shares of the company’s stock valued at $251,000 after acquiring an additional 657 shares in the last quarter. Pictet Asset Management Holding SA increased its holdings in Planet Labs PBC by 2.1% during the 4th quarter. Pictet Asset Management Holding SA now owns 33,090 shares of the company’s stock valued at $653,000 after acquiring an additional 690 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in 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 in the last quarter. Victory Capital Management Inc. grew its holdings in shares of Planet Labs PBC by 3.6% during the third quarter. Victory Capital Management Inc. now owns 25,855 shares of the company’s stock worth $336,000 after buying an additional 896 shares in the last quarter. Finally, Ariadne Wealth Management LP raised its position in shares of Planet Labs PBC by 8.8% in the third quarter. Ariadne Wealth Management LP now owns 11,202 shares of the company’s stock valued at $145,000 after buying an additional 905 shares during the last quarter. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on PL shares. Needham & Company LLC upped their price objective on shares of Planet Labs PBC to $40.00 and gave the company a “buy” rating in a research note on Friday, March 20th. Craig Hallum reissued a “buy” rating and set a $30.00 price objective on shares of Planet Labs PBC in a research note on Tuesday, January 13th. Northland Securities set a $28.00 price objective on shares of Planet Labs PBC in a research note on Tuesday, January 13th. Citigroup upped their price objective on shares of Planet Labs PBC from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, April 2nd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Planet Labs PBC in a research note on Tuesday, April 21st. Six 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. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $29.94.

Planet Labs PBC Price Performance

Planet Labs PBC stock opened at $36.95 on Friday. Planet Labs PBC has a 1 year low of $3.29 and a 1 year high of $41.71. The firm has a 50 day moving average price of $30.94 and a 200 day moving average price of $22.55. The company has a market cap of $12.79 billion, a price-to-earnings ratio of -47.37 and a beta of 1.83. The company has a debt-to-equity ratio of 2.37, a quick ratio of 1.64 and a current ratio of 1.65.

Planet Labs PBC (NYSE:PL) last released its earnings results on Thursday, March 19th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.43). Planet Labs PBC had a negative net margin of 80.22% and a negative return on equity of 69.61%. The company had revenue of $86.82 million during the quarter, compared to analysts’ expectations of $78.17 million. The business’s revenue for the quarter was up 41.1% compared to the same quarter last year. Sell-side analysts predict that Planet Labs PBC will post -0.45 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Robert H. Schingler sold 73,683 shares of the business’s stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $35.07, for a total value of $2,584,062.81. Following the completion of the sale, the insider directly owned 256,488 shares in the company, valued at approximately $8,995,034.16. The trade was a 22.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ashley F. Johnson sold 200,000 shares of the business’s stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $35.10, for a total transaction of $7,020,000.00. Following the completion of the sale, the chief financial officer owned 1,895,162 shares of the company’s stock, valued at approximately $66,520,186.20. The trade was a 9.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 17.53% of the stock is currently owned by insiders.

About Planet Labs PBC

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.