State of New Jersey Common Pension Fund D Takes Position in Planet Labs PBC $PL

State of New Jersey Common Pension Fund D bought a new stake in shares of Planet Labs PBC (NYSE:PL) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 188,372 shares of the company’s stock, valued at approximately $3,715,000.

A number of other large investors have also recently made changes to their positions in PL. New York State Common Retirement Fund increased its holdings in Planet Labs PBC by 45.3% in the third quarter. New York State Common Retirement Fund now owns 202,384 shares of the company’s stock valued at $2,627,000 after buying an additional 63,088 shares during the last quarter. Divisadero Street Capital Management LP acquired a new position in Planet Labs PBC in the third quarter valued at $13,564,000. Oppenheimer & Co. Inc. boosted its stake in Planet Labs PBC by 74.1% in the third quarter. Oppenheimer & Co. Inc. now owns 2,002,184 shares of the company’s stock valued at $25,988,000 after acquiring an additional 851,937 shares in the last quarter. Ranger Investment Management L.P. acquired a new position in Planet Labs PBC in the third quarter valued at $2,688,000. Finally, AMI Asset Management Corp acquired a new position in Planet Labs PBC in the fourth quarter valued at $673,000. 41.71% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Planet Labs PBC

In other Planet Labs PBC news, CFO Ashley F. Johnson sold 200,000 shares of the stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $35.10, for a total value of $7,020,000.00. Following the completion of the transaction, the chief financial officer directly owned 1,895,162 shares of the company’s stock, valued at approximately $66,520,186.20. This trade represents a 9.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Robert H. Schingler sold 73,683 shares of Planet Labs PBC stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $35.07, for a total transaction of $2,584,062.81. Following the sale, the insider owned 256,488 shares of the company’s stock, valued at approximately $8,995,034.16. The trade was a 22.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 17.53% of the stock is owned by company insiders.

Planet Labs PBC Price Performance

Shares of NYSE:PL opened at $38.47 on Tuesday. The company has a quick ratio of 1.64, a current ratio of 1.65 and a debt-to-equity ratio of 2.37. The company has a market cap of $13.32 billion, a P/E ratio of -49.32 and a beta of 1.91. Planet Labs PBC has a 52 week low of $3.38 and a 52 week high of $41.71. The company has a 50-day moving average price of $30.94 and a 200 day moving average price of $22.66.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on PL shares. Citigroup upped their price objective on shares of Planet Labs PBC from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, April 2nd. Deutsche Bank Aktiengesellschaft set a $38.00 target price on shares of Planet Labs PBC and gave the stock a “buy” rating in a research note on Friday, March 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Planet Labs PBC in a research note on Tuesday, April 21st. Needham & Company LLC increased their target price on shares of Planet Labs PBC to $40.00 and gave the stock a “buy” rating in a research note on Friday, March 20th. Finally, Northland Securities set a $28.00 target price on shares of Planet Labs PBC in a research note on Tuesday, January 13th. Six research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Planet Labs PBC currently has a consensus rating of “Hold” and a consensus target price of $29.94.

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.