Penbrook Management LLC Sells 189,375 Shares of Planet Labs PBC $PL

Penbrook Management LLC trimmed its position in shares of Planet Labs PBC (NYSE:PL) by 64.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 105,870 shares of the company’s stock after selling 189,375 shares during the quarter. Planet Labs PBC accounts for 2.2% of Penbrook Management LLC’s portfolio, making the stock its 8th largest position. Penbrook Management LLC’s holdings in Planet Labs PBC were worth $2,959,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in PL. Parkside Financial Bank & Trust increased its position in shares of Planet Labs PBC by 92.5% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company’s stock valued at $31,000 after buying an additional 745 shares in the last quarter. Baillie Gifford & Co. bought a new position in Planet Labs PBC during the fourth quarter worth about $32,000. Larson Financial Group LLC acquired a new position in Planet Labs PBC in the third quarter valued at about $39,000. GAMMA Investing LLC increased its holdings in shares of Planet Labs PBC by 146.4% in the fourth quarter. GAMMA Investing LLC now owns 2,011 shares of the company’s stock worth $40,000 after acquiring an additional 1,195 shares in the last quarter. Finally, North Star Investment Management Corp. increased its holdings in shares of Planet Labs PBC by 1,111.1% in the fourth quarter. North Star Investment Management Corp. now owns 2,180 shares of the company’s stock worth $43,000 after acquiring an additional 2,000 shares in the last quarter. Institutional investors and hedge funds own 41.71% of the company’s stock.

Planet Labs PBC Trading Up 0.5%

Shares of NYSE:PL opened at $26.43 on Friday. The company’s 50-day moving average price is $37.75 and its two-hundred day moving average price is $29.49. Planet Labs PBC has a one year low of $5.52 and a one 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. The stock has a market capitalization of $9.42 billion, a PE ratio of -23.18 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 net margin of 111.17% and a negative return on equity of 105.29%. The business 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% on a year-over-year basis. On average, equities analysts forecast that Planet Labs PBC will post -0.92 EPS for the current fiscal year.

Insider Transactions at Planet Labs PBC

In other news, insider Robert H. Schingler sold 73,683 shares of the firm’s stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $35.07, for a total value of $2,584,062.81. Following the completion of the sale, the insider directly owned 256,488 shares of the company’s stock, valued at $8,995,034.16. This trade represents a 22.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at 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 Planet Labs PBC stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $35.10, for a total value of $7,020,000.00. Following the transaction, the chief financial officer owned 1,895,162 shares of the company’s stock, valued at $66,520,186.20. This represents a 9.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 16.42% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Craig Hallum lifted their price objective on Planet Labs PBC from $36.00 to $49.00 and gave the company a “buy” rating in a report on Friday, June 5th. Wedbush reissued an “outperform” rating and set a $50.00 target price on shares of Planet Labs PBC in a research note on Friday, June 5th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $36.00 target price on shares of Planet Labs PBC in a report on Monday, June 15th. Needham & Company LLC upped their price target on shares of Planet Labs PBC from $40.00 to $53.00 and gave the company a “buy” rating in a report on Friday, June 5th. Finally, Citigroup raised their price objective on shares of Planet Labs PBC from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, April 2nd. Six 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.com, Planet Labs PBC presently has an average rating of “Hold” and a consensus price target of $35.11.

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.