Y Intercept Hong Kong Ltd Trims Holdings in Planet Labs PBC $PL

Y Intercept Hong Kong Ltd decreased its position in shares of Planet Labs PBC (NYSE:PL) by 23.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 145,504 shares of the company’s stock after selling 44,282 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Planet Labs PBC were worth $4,067,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Parkside Financial Bank & Trust raised its position in shares of Planet Labs PBC by 92.5% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company’s stock valued at $31,000 after purchasing an additional 745 shares during the period. Baillie Gifford & Co. bought a new position in Planet Labs PBC in the 4th quarter worth $32,000. GAMMA Investing LLC boosted its holdings in Planet Labs PBC by 146.4% in the 4th quarter. GAMMA Investing LLC now owns 2,011 shares of the company’s stock worth $40,000 after buying an additional 1,195 shares during the period. North Star Investment Management Corp. increased its stake in Planet Labs PBC by 1,111.1% in the 4th quarter. North Star Investment Management Corp. now owns 2,180 shares of the company’s stock worth $43,000 after buying an additional 2,000 shares in the last quarter. Finally, Larson Financial Group LLC purchased a new stake in Planet Labs PBC in the 3rd quarter worth $39,000. 41.71% of the stock is currently owned by institutional investors.

Planet Labs PBC Trading Up 0.2%

PL stock opened at $31.44 on Monday. The firm has a fifty day moving average price of $36.90 and a 200 day moving average price of $30.14. Planet Labs PBC has a fifty-two week low of $5.87 and a fifty-two week high of $51.76. The firm has a market cap of $11.20 billion, a PE ratio of -27.58 and a beta of 2.06. 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 (NYSE:PL) last released its quarterly earnings results on Thursday, June 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $90.39 million. The business’s revenue was up 42.1% on a year-over-year basis. Sell-side analysts anticipate that Planet Labs PBC will post -0.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Zacks Research downgraded Planet Labs PBC from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 19th. Morgan Stanley increased their target price on Planet Labs PBC from $26.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, March 25th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $36.00 target price on shares of Planet Labs PBC in a research note on Monday, June 15th. Weiss Ratings upgraded Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, June 15th. Finally, New Street Research assumed coverage on shares of Planet Labs PBC in a report on Wednesday, May 13th. They set a “sell” rating and a $28.00 price objective for the company. Six analysts have rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $35.11.

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.