Royal Bank of Canada Boosts Stock Position in Planet Labs PBC $PL

Royal Bank of Canada boosted its stake in shares of Planet Labs PBC (NYSE:PL) by 66.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 317,565 shares of the company’s stock after acquiring an additional 126,562 shares during the quarter. Royal Bank of Canada’s holdings in Planet Labs PBC were worth $8,876,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. The Manufacturers Life Insurance Company boosted its holdings in shares of Planet Labs PBC by 15.4% in the first quarter. The Manufacturers Life Insurance Company now owns 137,691 shares of the company’s stock valued at $3,848,000 after acquiring an additional 18,324 shares in the last quarter. Quantinno Capital Management LP lifted its position in Planet Labs PBC by 574.7% in the first quarter. Quantinno Capital Management LP now owns 145,751 shares of the company’s stock valued at $4,074,000 after purchasing an additional 124,150 shares during the period. Renaissance Technologies LLC boosted its holdings in Planet Labs PBC by 36.5% in the 1st quarter. Renaissance Technologies LLC now owns 1,021,180 shares of the company’s stock valued at $28,542,000 after purchasing an additional 273,300 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in Planet Labs PBC by 80.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,932,381 shares of the company’s stock valued at $54,010,000 after purchasing an additional 861,306 shares in the last quarter. Finally, Sei Investments Co. increased its position in Planet Labs PBC by 76.0% during the 1st quarter. Sei Investments Co. now owns 212,182 shares of the company’s stock worth $5,930,000 after purchasing an additional 91,654 shares during the period. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

Planet Labs PBC Price Performance

PL stock opened at $23.92 on Monday. The firm has a 50 day moving average of $28.00 and a 200-day moving average of $30.44. The company has a market cap of $8.53 billion, a price-to-earnings ratio of -20.99 and a beta of 2.11. The company has a current ratio of 2.81, a quick ratio of 2.78 and a debt-to-equity ratio of 1.01. Planet Labs PBC has a 12-month low of $6.10 and a 12-month high of $51.76.

Planet Labs PBC (NYSE:PL) last released its quarterly earnings results on Thursday, June 4th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. The business had revenue of $94.15 million for the quarter, compared to analysts’ expectations of $90.39 million. Planet Labs PBC had a negative return on equity of 105.29% and a negative net margin of 111.17%.The company’s quarterly revenue was up 42.1% on a year-over-year basis. As a group, equities analysts expect that Planet Labs PBC will post -0.92 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PL. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $36.00 target price on shares of Planet Labs PBC in a research note on Monday, June 15th. Zacks Research raised Planet Labs PBC from a “strong sell” rating to a “hold” rating in a report on Thursday, July 2nd. Weiss Ratings upgraded Planet Labs PBC from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 15th. Needham & Company LLC raised their target price on Planet Labs PBC from $40.00 to $53.00 and gave the company a “buy” rating in a report on Friday, June 5th. Finally, Northland Securities set a $50.00 target price on shares of Planet Labs PBC in a research report on Friday, June 5th. Six analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $35.36.

Insider Buying and Selling at Planet Labs PBC

In other news, CFO Ashley F. Johnson sold 75,035 shares of the firm’s stock in a transaction that occurred on 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 $24,997,253.76. This trade represents a 6.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John W. Raymond sold 6,494 shares of the stock in a transaction on Monday, July 13th. The shares were sold at an average price of $26.16, for a total value of $169,883.04. Following the sale, the director owned 37,114 shares in the company, valued at approximately $970,902.24. This trade represents a 14.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 171,122 shares of company stock valued at $4,148,906. Insiders own 16.42% of the company’s stock.

Planet Labs PBC Company 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.