Legato Capital Management LLC Raises Stock Position in Planet Labs PBC $PL

Legato Capital Management LLC lifted its stake in shares of Planet Labs PBC (NYSE:PL) by 115.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 111,347 shares of the company’s stock after buying an additional 59,610 shares during the quarter. Legato Capital Management LLC’s holdings in Planet Labs PBC were worth $2,196,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of PL. AQR Capital Management LLC increased its holdings in shares of Planet Labs PBC by 671.1% in the 1st quarter. AQR Capital Management LLC now owns 92,693 shares of the company’s stock valued at $313,000 after acquiring an additional 80,672 shares during the period. Integrated Wealth Concepts LLC purchased a new position in Planet Labs PBC during the 1st quarter worth $189,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Planet Labs PBC by 6.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 130,798 shares of the company’s stock worth $442,000 after purchasing an additional 8,143 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Planet Labs PBC by 54.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,856,245 shares of the company’s stock worth $6,274,000 after purchasing an additional 653,173 shares during the last quarter. Finally, Thompson Davis & CO. Inc. purchased a new position in Planet Labs PBC during the 2nd quarter worth $121,000. 41.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Morgan Stanley increased their target price on shares of Planet Labs PBC from $26.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Wednesday, March 25th. 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. Wedbush increased their target price on shares of Planet Labs PBC from $40.00 to $50.00 and gave the stock an “outperform” rating in a research note on Thursday, May 14th. Citigroup increased their target price on shares of Planet Labs PBC from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, April 2nd. Finally, Weiss Ratings upgraded shares of Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, May 18th. Six investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $30.61.

Planet Labs PBC Stock Up 4.5%

Shares of Planet Labs PBC stock opened at $44.39 on Friday. The company has a market cap of $15.36 billion, a P/E ratio of -56.91 and a beta of 1.91. The company has a debt-to-equity ratio of 2.37, a quick ratio of 1.64 and a current ratio of 1.65. Planet Labs PBC has a one year low of $3.53 and a one year high of $45.78. The firm has a fifty day moving average of $35.37 and a two-hundred day moving average of $25.30.

Insiders Place Their Bets

In other Planet Labs PBC news, CFO Ashley F. Johnson sold 200,000 shares of the company’s stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $35.10, for a total transaction of $7,020,000.00. Following the completion of the transaction, the chief financial officer owned 1,895,162 shares in the company, valued at approximately $66,520,186.20. This represents a 9.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert H. Schingler sold 73,683 shares of the company’s stock in a transaction on Monday, April 6th. The stock was sold at an average price of $35.07, for a total transaction of $2,584,062.81. Following the transaction, 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 position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 17.53% of the stock is currently owned by corporate insiders.

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.