SG Americas Securities LLC Sells 36,622 Shares of Planet Labs PBC $PL

SG Americas Securities LLC reduced its position in Planet Labs PBC (NYSE:PL) by 60.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 23,993 shares of the company’s stock after selling 36,622 shares during the period. SG Americas Securities LLC’s holdings in Planet Labs PBC were worth $311,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. SBI Securities Co. Ltd. lifted its holdings in Planet Labs PBC by 45.1% in the second quarter. SBI Securities Co. Ltd. now owns 9,877 shares of the company’s stock valued at $60,000 after acquiring an additional 3,068 shares during the period. Tableaux LLC bought a new position in shares of Planet Labs PBC in the 2nd quarter worth approximately $61,000. May Hill Capital LLC bought a new position in shares of Planet Labs PBC in the 2nd quarter worth approximately $62,000. Los Angeles Capital Management LLC purchased a new position in shares of Planet Labs PBC in the second quarter worth approximately $68,000. Finally, Oxford Asset Management LLP bought a new stake in Planet Labs PBC during the second quarter valued at approximately $70,000. Hedge funds and other institutional investors own 41.71% of the company’s stock.

Insider Activity at Planet Labs PBC

In related news, insider Robert H. Schingler sold 73,782 shares of the firm’s stock in a transaction on Friday, December 26th. The shares were sold at an average price of $19.35, for a total transaction of $1,427,681.70. Following the completion of the transaction, the insider directly owned 1,164,729 shares of the company’s stock, valued at approximately $22,537,506.15. This trade represents a 5.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Vijaya Gadde sold 20,000 shares of the business’s stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $26.77, for a total transaction of $535,400.00. Following the completion of the sale, the director owned 250,169 shares in the company, valued at approximately $6,697,024.13. The trade was a 7.40% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 292,348 shares of company stock worth $7,323,958 in the last three months. Insiders own 17.53% of the company’s stock.

Planet Labs PBC Stock Down 3.9%

NYSE PL opened at $25.90 on Tuesday. The stock’s 50 day moving average is $18.75 and its 200 day moving average is $13.04. The company has a current ratio of 4.00, a quick ratio of 4.00 and a debt-to-equity ratio of 1.28. Planet Labs PBC has a 12 month low of $2.79 and a 12 month high of $30.90. The stock has a market cap of $8.12 billion, a PE ratio of -61.67 and a beta of 1.94.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PL. The Goldman Sachs Group reiterated a “neutral” rating and issued a $16.40 price target on shares of Planet Labs PBC in a research report on Tuesday, January 20th. Zacks Research cut Planet Labs PBC from a “hold” rating to a “strong sell” rating in a report on Monday, December 22nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Planet Labs PBC in a research report on Thursday. JMP Securities restated a “market perform” rating on shares of Planet Labs PBC in a research report on Tuesday, October 21st. Finally, Wedbush raised their price objective on Planet Labs PBC from $20.00 to $28.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 13th. Eight investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $20.64.

About Planet Labs PBC

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.