Rice Hall James & Associates LLC Sells 35,362 Shares of Planet Labs PBC $PL

Rice Hall James & Associates LLC decreased its holdings in Planet Labs PBC (NYSE:PL) by 15.7% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 189,625 shares of the company’s stock after selling 35,362 shares during the quarter. Rice Hall James & Associates LLC’s holdings in Planet Labs PBC were worth $5,300,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently added to or reduced their stakes in the business. American Capital Advisory LLC purchased a new stake in Planet Labs PBC during the first quarter valued at approximately $28,000. Parkside Financial Bank & Trust boosted its stake in shares of Planet Labs PBC by 92.5% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company’s stock worth $31,000 after acquiring an additional 745 shares during the last quarter. Baillie Gifford & Co. purchased a new position in shares of Planet Labs PBC during the 4th quarter worth $32,000. Pittenger & Anderson Inc. grew its position in shares of Planet Labs PBC by 40.9% during the 1st quarter. Pittenger & Anderson Inc. now owns 1,360 shares of the company’s stock valued at $38,000 after acquiring an additional 395 shares during the period. Finally, Larson Financial Group LLC bought a new stake in shares of Planet Labs PBC during the 3rd quarter valued at $39,000. 41.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PL has been the topic of a number of recent research reports. The Goldman Sachs Group raised their target price on Planet Labs PBC from $22.00 to $25.00 and gave the stock a “neutral” rating in a report on Tuesday, July 14th. Craig Hallum boosted their price target on Planet Labs PBC from $36.00 to $49.00 and gave the company a “buy” rating in a report on Friday, June 5th. New Street Research assumed coverage on Planet Labs PBC in a research report on Wednesday, May 13th. They issued a “sell” rating and a $28.00 price target for the company. Citigroup raised their price objective on 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, Wedbush assumed coverage on Planet Labs PBC in a research report on Wednesday, July 1st. They set an “outperform” rating and a $50.00 price objective on the stock. Six investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Planet Labs PBC has a consensus rating of “Hold” and an average target price of $35.36.

Insider Buying and Selling at Planet Labs PBC

In other Planet Labs PBC news, Director John W. Raymond sold 6,494 shares of the stock in a transaction on Monday, July 13th. The stock was sold at an average price of $26.16, for a total value of $169,883.04. Following the completion of the sale, the director owned 37,114 shares in the company, valued at approximately $970,902.24. This represents a 14.89% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Robert H. Schingler sold 64,593 shares of the stock in a transaction on Friday, July 10th. The stock was sold at an average price of $25.92, for a total value of $1,674,250.56. Following the completion of the sale, the insider owned 825,541 shares of the company’s stock, valued at $21,398,022.72. The trade was a 7.26% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 96,087 shares of company stock valued at $2,492,134 in the last ninety days. 16.42% of the stock is currently owned by insiders.

Planet Labs PBC Stock Performance

PL opened at $20.46 on Friday. The company has a 50 day simple moving average of $32.86 and a two-hundred day simple moving average of $30.64. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.81 and a quick ratio of 2.78. The firm has a market cap of $7.29 billion, a P/E ratio of -17.95 and a beta of 2.06. Planet Labs PBC has a 1-year low of $5.87 and a 1-year high of $51.76.

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. Planet Labs PBC had a negative net margin of 111.17% and a negative return on equity of 105.29%. The firm had revenue of $94.15 million for the quarter, compared to the consensus estimate of $90.39 million. Planet Labs PBC’s revenue was up 42.1% compared to the same quarter last year. Equities analysts forecast that Planet Labs PBC will post -0.92 earnings per share for the current fiscal year.

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.