Conestoga Capital Advisors LLC Sells 64,238 Shares of Planet Labs PBC $PL

Conestoga Capital Advisors LLC cut its holdings in shares of Planet Labs PBC (NYSE:PL) by 77.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 18,747 shares of the company’s stock after selling 64,238 shares during the period. Conestoga Capital Advisors LLC’s holdings in Planet Labs PBC were worth $524,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in Planet Labs PBC by 4.3% in the fourth quarter. Vanguard Group Inc. now owns 19,358,515 shares of the company’s stock worth $381,750,000 after acquiring an additional 806,818 shares during the period. Canada Pension Plan Investment Board raised its holdings in Planet Labs PBC by 0.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 7,820,400 shares of the company’s stock worth $47,704,000 after purchasing an additional 20,400 shares in the last quarter. Van ECK Associates Corp raised its holdings in Planet Labs PBC by 320.3% in the 4th quarter. Van ECK Associates Corp now owns 7,678,938 shares of the company’s stock worth $151,429,000 after purchasing an additional 5,851,758 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Planet Labs PBC by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 5,702,642 shares of the company’s stock worth $112,475,000 after purchasing an additional 71,381 shares during the period. Finally, Goldman Sachs Group Inc. lifted its position in shares of Planet Labs PBC by 7.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 4,137,871 shares of the company’s stock worth $81,599,000 after purchasing an additional 301,757 shares during the period. Institutional investors own 41.71% of the company’s stock.

Wall Street Analyst Weigh In

PL has been the topic of several research analyst reports. Cantor Fitzgerald boosted their price target on shares of Planet Labs PBC from $20.00 to $40.00 and gave the company an “overweight” rating in a research report on Friday, March 20th. Needham & Company LLC raised their price objective on shares of Planet Labs PBC from $40.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, June 5th. Zacks Research cut Planet Labs PBC from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 19th. Citigroup lifted their price objective on Planet Labs PBC from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, April 2nd. Finally, Craig Hallum increased their target price on Planet Labs PBC from $36.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, June 5th. Six equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $35.11.

Insider Activity

In other news, insider Robert H. Schingler sold 73,683 shares of the company’s stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $35.07, for a total value of $2,584,062.81. Following the transaction, the insider owned 256,488 shares in the company, valued at approximately $8,995,034.16. This represents a 22.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.42% of the company’s stock.

Planet Labs PBC Price Performance

PL opened at $31.56 on Thursday. The firm has a market cap of $11.25 billion, a PE ratio of -27.68 and a beta of 2.06. The stock has a 50-day moving average price of $37.20 and a 200-day moving average price of $29.96. Planet Labs PBC has a 1 year low of $5.87 and a 1 year high of $51.76. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.81 and a quick ratio of 2.78.

Planet Labs PBC (NYSE:PL) last announced its quarterly earnings data on Thursday, June 4th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.01. The company had revenue of $94.15 million for the quarter, compared to the consensus estimate of $90.39 million. Planet Labs PBC had a negative net margin of 111.17% and a negative return on equity of 105.29%. The firm’s revenue for the quarter was up 42.1% compared to the same quarter last year. Sell-side analysts predict that Planet Labs PBC will post -0.92 earnings per share for the current fiscal year.

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.