Royal Bank of Canada Increases Stake in Planet Labs PBC $PL

Royal Bank of Canada boosted its holdings in shares of Planet Labs PBC (NYSE:PL) by 66.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 317,565 shares of the company’s stock after buying an additional 126,562 shares during the quarter. Royal Bank of Canada owned 0.09% of Planet Labs PBC worth $8,876,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. American Capital Advisory LLC acquired a new stake in shares of Planet Labs PBC in the first quarter valued at $28,000. Parkside Financial Bank & Trust grew its stake in Planet Labs PBC by 92.5% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company’s stock worth $31,000 after purchasing an additional 745 shares in the last quarter. Baillie Gifford & Co. acquired a new position in Planet Labs PBC during the 4th quarter worth $32,000. Pittenger & Anderson Inc. increased its holdings in Planet Labs PBC by 40.9% during the 1st quarter. Pittenger & Anderson Inc. now owns 1,360 shares of the company’s stock worth $38,000 after purchasing an additional 395 shares during the period. Finally, Larson Financial Group LLC purchased a new stake in Planet Labs PBC during the 3rd quarter worth about $39,000. Institutional investors and hedge funds own 41.71% of the company’s stock.

Insider Transactions at Planet Labs PBC

In related news, 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 transaction of $169,883.04. Following the completion of the sale, the director owned 37,114 shares in the company, valued at $970,902.24. This represents a 14.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Robert H. Schingler sold 64,593 shares of the firm’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 directly owned 825,541 shares in the company, valued at $21,398,022.72. The trade was a 7.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 171,122 shares of company stock worth $4,148,906. Insiders own 16.42% of the company’s stock.

Planet Labs PBC Stock Performance

Shares of PL stock opened at $23.92 on Monday. The stock’s 50-day moving average is $28.00 and its two-hundred day moving average is $30.44. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.78 and a current ratio of 2.81. Planet Labs PBC has a 1 year low of $6.10 and a 1 year high of $51.76. The firm has a market cap of $8.53 billion, a price-to-earnings ratio of -20.99 and a beta of 2.11.

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

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. The Goldman Sachs Group lifted their price objective on Planet Labs PBC from $22.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday, July 14th. 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. Zacks Research raised shares of Planet Labs PBC from a “strong sell” rating to a “hold” rating in a report on Thursday, July 2nd. Needham & Company LLC lifted their price target on shares of Planet Labs PBC from $40.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, June 5th. Finally, Craig Hallum boosted their price target on shares of Planet Labs PBC from $36.00 to $49.00 and gave the stock a “buy” rating in a report on Friday, June 5th. Six equities 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. According to data from MarketBeat.com, Planet Labs PBC presently has an average rating of “Hold” and an average price target of $35.36.

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.