California State Teachers Retirement System Has $7.99 Million Position in Planet Labs PBC $PL

California State Teachers Retirement System grew its holdings in Planet Labs PBC (NYSE:PL) by 22.6% in the first quarter, Holdings Channel.com reports. The firm owned 285,952 shares of the company’s stock after purchasing an additional 52,806 shares during the period. California State Teachers Retirement System’s holdings in Planet Labs PBC were worth $7,992,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Royal Bank of Canada grew its stake in Planet Labs PBC by 66.3% during the 1st quarter. Royal Bank of Canada now owns 317,565 shares of the company’s stock valued at $8,876,000 after acquiring an additional 126,562 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in Planet Labs PBC by 15.4% during the first quarter. The Manufacturers Life Insurance Company now owns 137,691 shares of the company’s stock valued at $3,848,000 after purchasing an additional 18,324 shares in the last quarter. Quantinno Capital Management LP grew its position in Planet Labs PBC by 574.7% during the first quarter. Quantinno Capital Management LP now owns 145,751 shares of the company’s stock valued at $4,074,000 after purchasing an additional 124,150 shares in the last quarter. Renaissance Technologies LLC increased its stake in Planet Labs PBC by 36.5% in the 1st quarter. Renaissance Technologies LLC now owns 1,021,180 shares of the company’s stock valued at $28,542,000 after buying an additional 273,300 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its stake in Planet Labs PBC by 80.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,932,381 shares of the company’s stock valued at $54,010,000 after buying an additional 861,306 shares during the period. Hedge funds and other institutional investors own 41.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on PL. Needham & Company LLC lifted their price objective on Planet Labs PBC from $40.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, June 5th. Zacks Research raised shares of Planet Labs PBC from a “strong sell” rating to a “hold” rating in a research report on Thursday, July 2nd. Wedbush started coverage on Planet Labs PBC in a research report on Wednesday, July 1st. They issued an “outperform” rating and a $50.00 price objective for the company. The Goldman Sachs Group boosted their target price on shares of Planet Labs PBC from $22.00 to $25.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 14th. Finally, Weiss Ratings upgraded shares of Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, June 15th. Six research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $35.36.

Insider Buying and Selling

In other Planet Labs PBC news, insider Robert H. Schingler sold 64,593 shares of the company’s stock in a transaction on Friday, July 10th. The stock was sold at an average price of $25.92, for a total transaction of $1,674,250.56. Following the transaction, the insider owned 825,541 shares of the company’s stock, valued at approximately $21,398,022.72. This represents a 7.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John W. Raymond sold 6,494 shares of the stock in a transaction on Monday, July 13th. The shares were sold at an average price of $26.16, for a total value of $169,883.04. Following the completion of the transaction, the director owned 37,114 shares in the company, valued at $970,902.24. The trade was a 14.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 171,122 shares of company stock worth $4,148,906 in the last quarter. Insiders own 16.42% of the company’s stock.

Planet Labs PBC Stock Up 6.3%

Shares of NYSE PL opened at $22.89 on Wednesday. Planet Labs PBC has a 12-month low of $6.10 and a 12-month high of $51.76. The firm’s 50-day simple moving average is $29.68 and its 200 day simple moving average is $30.56. The company has a quick ratio of 2.78, a current ratio of 2.81 and a debt-to-equity ratio of 1.01. The company has a market cap of $8.16 billion, a price-to-earnings ratio of -20.08 and a beta of 2.11.

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

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.