Engineers Gate Manager LP Decreases Stock Position in Planet Labs PBC $PL

Engineers Gate Manager LP decreased its position in shares of Planet Labs PBC (NYSE:PL) by 53.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 54,271 shares of the company’s stock after selling 63,552 shares during the period. Engineers Gate Manager LP’s holdings in Planet Labs PBC were worth $1,798,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Baird Financial Group Inc. boosted its stake in Planet Labs PBC by 3.5% during the second quarter. Baird Financial Group Inc. now owns 580,322 shares of the company’s stock valued at $19,226,000 after buying an additional 19,760 shares during the last quarter. Arizona State Retirement System increased its stake in Planet Labs PBC by 1.0% in the 2nd quarter. Arizona State Retirement System now owns 68,998 shares of the company’s stock worth $2,286,000 after acquiring an additional 705 shares during the last quarter. Nykredit A S purchased a new stake in shares of Planet Labs PBC during the 2nd quarter worth approximately $302,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Planet Labs PBC during the 2nd quarter worth approximately $590,000. Finally, Carlson Financial Inc. bought a new position in shares of Planet Labs PBC during the 2nd quarter valued at approximately $231,000. 41.71% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CFO Ashley Johnson sold 75,035 shares of Planet Labs PBC stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $22.08, for a total transaction of $1,656,772.80. Following the completion of the transaction, the chief financial officer directly owned 1,132,122 shares of the company’s stock, valued at approximately $24,997,253.76. The trade was a 6.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert Schingler sold 64,593 shares of the company’s stock in a transaction dated Friday, July 10th. The shares were 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 in the company, valued at $21,398,022.72. The trade was a 7.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 171,122 shares of company stock valued at $4,148,906. Company insiders own 16.42% of the company’s stock.

Planet Labs PBC Stock Performance

NYSE:PL opened at $16.01 on Wednesday. The firm has a market capitalization of $5.82 billion, a PE ratio of -14.55 and a beta of 2.10. The stock’s fifty day moving average is $21.66 and its 200 day moving average is $29.74. Planet Labs PBC has a fifty-two week low of $9.66 and a fifty-two week high of $51.76. The company has a debt-to-equity ratio of 0.79, a quick ratio of 2.82 and a current ratio of 2.84.

Planet Labs PBC (NYSE:PL) last posted its quarterly earnings data on Thursday, September 3rd. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.04. Planet Labs PBC had a negative net margin of 95.13% and a negative return on equity of 93.11%. The company had revenue of $116.05 million during the quarter, compared to analyst estimates of $104.53 million. During the same period in the previous year, the firm earned ($0.07) earnings per share. Planet Labs PBC’s quarterly revenue was up 58.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Planet Labs PBC will post -0.91 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PL. New Street Research raised shares of Planet Labs PBC from a “sell” rating to a “neutral” rating in a report on Friday, September 4th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $28.00 price objective on shares of Planet Labs PBC in a research report on Tuesday, September 8th. Zacks Research upgraded shares of Planet Labs PBC from a “strong sell” rating to a “hold” rating in a report on Thursday, July 2nd. Northland Securities set a $40.00 target price on shares of Planet Labs PBC in a research report on Friday, September 4th. Finally, Citizens Jmp reaffirmed a “market perform” rating on shares of Planet Labs PBC in a report on Friday, September 4th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $32.77.

About Planet Labs PBC

Planet Labs PBC is an Earth-imaging and geospatial data company that operates a constellation of satellites designed to provide frequent imagery of the planet’s landmass. The company collects, processes and delivers satellite imagery and related data products through cloud-based platforms and application programming interfaces.

Its offerings include PlanetScope imagery for broad-area monitoring, SkySat imagery for higher-resolution observation, and specialized products that support change detection, mapping and environmental analysis.