422,185 Shares in Planet Labs PBC $PL Purchased by Hsbc Holdings PLC

Hsbc Holdings PLC purchased a new stake in shares of Planet Labs PBC (NYSE:PL) in the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 422,185 shares of the company’s stock, valued at approximately $8,457,000.

Several other hedge funds have also bought and sold shares of the business. Caitong International Asset Management Co. Ltd increased its stake in shares of Planet Labs PBC by 5,433.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 61,860 shares of the company’s stock valued at $1,220,000 after purchasing an additional 60,742 shares in the last quarter. Virtue Capital Management LLC grew its stake in shares of Planet Labs PBC by 1,837.6% in the 4th quarter. Virtue Capital Management LLC now owns 83,296 shares of the company’s stock worth $1,700,000 after buying an additional 78,997 shares during the last quarter. Mackenzie Financial Corp increased its position in Planet Labs PBC by 9.5% during the 4th quarter. Mackenzie Financial Corp now owns 14,631 shares of the company’s stock valued at $288,000 after buying an additional 1,267 shares in the last quarter. Polymer Capital Management US LLC bought a new position in Planet Labs PBC during the 4th quarter valued at approximately $414,000. Finally, Numerai GP LLC purchased a new position in Planet Labs PBC during the fourth quarter valued at $685,000. Institutional investors own 41.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Cantor Fitzgerald boosted their target price on Planet Labs PBC from $20.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, March 20th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $22.00 price target on shares of Planet Labs PBC in a research report on Thursday, June 11th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $36.00 price target on shares of Planet Labs PBC in a research note on Monday, June 15th. Needham & Company LLC increased their price objective 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. Finally, Zacks Research lowered shares of Planet Labs PBC from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 19th. Six research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $35.11.

Planet Labs PBC Stock Performance

Shares of PL opened at $27.07 on Friday. The company has a market cap of $9.65 billion, a price-to-earnings ratio of -23.74 and a beta of 1.99. The business’s fifty day simple moving average is $37.60 and its two-hundred day simple moving average is $29.47. Planet Labs PBC has a 12 month low of $5.87 and a 12 month high of $51.76. The company has a current ratio of 2.81, a quick ratio of 2.78 and a debt-to-equity ratio of 1.01.

Planet Labs PBC (NYSE:PL) last posted its quarterly earnings results on Thursday, June 4th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.01. The firm had revenue of $94.15 million during the quarter, compared to analysts’ expectations of $90.39 million. Planet Labs PBC had a negative return on equity of 105.29% and a negative net margin of 111.17%.The company’s quarterly revenue was up 42.1% compared to the same quarter last year. Research analysts anticipate that Planet Labs PBC will post -0.92 earnings per share for the current fiscal year.

Insider Transactions at Planet Labs PBC

In other news, insider Robert H. Schingler sold 73,683 shares of Planet Labs PBC 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 $8,995,034.16. The trade was a 22.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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 transaction, the chief financial officer directly owned 1,895,162 shares of the company’s stock, valued at $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. 16.42% of the stock is currently owned by 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.