Clough Capital Partners L P Sells 21,886 Shares of Planet Labs PBC $PL

Clough Capital Partners L P lessened its holdings in shares of Planet Labs PBC (NYSE:PL) by 30.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 49,512 shares of the company’s stock after selling 21,886 shares during the period. Clough Capital Partners L P’s holdings in Planet Labs PBC were worth $976,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of PL. Van ECK Associates Corp boosted its holdings in shares of Planet Labs PBC by 320.3% during the 4th quarter. Van ECK Associates Corp now owns 7,678,938 shares of the company’s stock valued at $151,429,000 after buying an additional 5,851,758 shares in the last quarter. Barclays PLC boosted its stake in Planet Labs PBC by 758.1% in the 3rd quarter. Barclays PLC now owns 3,727,743 shares of the company’s stock worth $48,386,000 after purchasing an additional 3,293,333 shares in the last quarter. Invesco Ltd. boosted its stake in Planet Labs PBC by 265.6% in the 3rd quarter. Invesco Ltd. now owns 3,450,479 shares of the company’s stock worth $44,787,000 after purchasing an additional 2,506,595 shares in the last quarter. Two Sigma Investments LP boosted its stake in Planet Labs PBC by 257.5% in the 3rd quarter. Two Sigma Investments LP now owns 2,362,275 shares of the company’s stock worth $30,662,000 after purchasing an additional 1,701,535 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in Planet Labs PBC by 9.7% in the 3rd quarter. Vanguard Group Inc. now owns 18,551,697 shares of the company’s stock worth $240,801,000 after purchasing an additional 1,637,880 shares in the last quarter. Institutional investors own 41.71% of the company’s stock.

Insider Activity

In other news, insider Robert H. Schingler sold 73,683 shares of the company’s stock in a transaction dated 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 completion of the sale, the insider owned 256,488 shares of the company’s stock, valued at $8,995,034.16. This represents a 22.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ashley F. Johnson sold 200,000 shares of the company’s stock in a transaction dated 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 sale, the chief financial officer directly owned 1,895,162 shares of the company’s stock, valued at $66,520,186.20. The trade was a 9.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 16.42% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

PL has been the topic of a number of analyst reports. Northland Securities set a $50.00 price target on shares of Planet Labs PBC in a research note on Friday, June 5th. Wedbush reiterated an “outperform” rating and issued a $50.00 price target on shares of Planet Labs PBC in a research note on Friday, June 5th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $36.00 price target on shares of Planet Labs PBC in a research note on Monday. Citigroup boosted their target price on Planet Labs PBC from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, April 2nd. Finally, Needham & Company LLC boosted their target price on Planet Labs PBC from $40.00 to $53.00 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 assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, Planet Labs PBC presently has an average rating of “Hold” and an average price target of $35.11.

Planet Labs PBC Price Performance

Shares of NYSE:PL opened at $28.21 on Thursday. Planet Labs PBC has a fifty-two week low of $4.90 and a fifty-two week high of $51.76. The business has a 50-day simple moving average of $38.60 and a two-hundred day simple moving average of $28.83. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.78 and a current ratio of 2.81. The firm has a market cap of $10.06 billion, a price-to-earnings ratio of -24.75 and a beta of 1.99.

Planet Labs PBC (NYSE:PL) last issued its 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. Planet Labs PBC had a negative return on equity of 105.29% and a negative net margin of 111.17%.The business had revenue of $94.15 million during the quarter, compared to analyst estimates of $90.39 million. The business’s revenue for the quarter was up 42.1% on a year-over-year basis. On average, analysts expect that Planet Labs PBC will post -0.81 earnings per share for the current 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.