MADDEN SECURITIES Corp Buys New Position in Planet Labs PBC $PL

MADDEN SECURITIES Corp purchased a new position in shares of Planet Labs PBC (NYSE:PL) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 38,175 shares of the company’s stock, valued at approximately $626,000.

A number of other large investors have also bought and sold shares of PL. Dimensional Fund Advisors LP raised its position in Planet Labs PBC by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,013,187 shares of the company’s stock valued at $112,167,000 after purchasing an additional 70,986 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Planet Labs PBC by 80.4% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,932,381 shares of the company’s stock worth $54,010,000 after purchasing an additional 861,306 shares during the last quarter. Tidal Investments LLC grew its holdings in shares of Planet Labs PBC by 5,339.2% during the second quarter. Tidal Investments LLC now owns 1,591,020 shares of the company’s stock worth $52,710,000 after purchasing an additional 1,561,769 shares during the last quarter. Tema ETFs LLC grew its holdings in shares of Planet Labs PBC by 75,804.6% during the second quarter. Tema ETFs LLC now owns 1,590,960 shares of the company’s stock worth $52,709,000 after purchasing an additional 1,588,864 shares during the last quarter. Finally, Renaissance Technologies LLC increased its stake in shares of Planet Labs PBC by 36.5% in the first quarter. Renaissance Technologies LLC now owns 1,021,180 shares of the company’s stock valued at $28,542,000 after buying an additional 273,300 shares in the last quarter. 41.71% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Kristen Robinson sold 40,000 shares of Planet Labs PBC stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $14.14, for a total transaction of $565,600.00. Following the completion of the sale, the director owned 182,897 shares in the company, valued at $2,586,163.58. The trade was a 17.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Ashley F. Johnson sold 55,663 shares of the business’s stock in a transaction that occurred on Thursday, September 17th. The stock was sold at an average price of $16.96, for a total transaction of $944,044.48. Following the sale, the chief financial officer directly owned 577,915 shares of the company’s stock, valued at approximately $9,801,438.40. This trade represents a 8.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 165,897 shares of company stock worth $2,681,988. Corporate insiders own 16.42% of the company’s stock.

Wall Street Analyst Weigh In

PL has been the subject of a number of research analyst reports. Citizens Jmp reaffirmed a “market perform” rating on shares of Planet Labs PBC in a report on Friday, September 4th. Zacks Research raised shares of Planet Labs PBC from a “strong sell” rating to a “hold” rating in a report on Thursday, July 2nd. Berenberg Bank began coverage on shares of Planet Labs PBC in a research report on Wednesday, September 2nd. They issued a “buy” rating and a $25.00 price objective for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Planet Labs PBC in a research note on Friday, September 11th. Finally, Wedbush initiated coverage on shares of Planet Labs PBC in a research report on Wednesday, July 1st. They set an “outperform” rating and a $50.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $30.33.

Planet Labs PBC Stock Up 5.6%

PL stock opened at $14.53 on Wednesday. The company has a market cap of $5.29 billion, a P/E ratio of -13.21 and a beta of 2.17. Planet Labs PBC has a twelve month low of $10.52 and a twelve month high of $51.76. The business has a fifty day moving average of $17.34 and a 200-day moving average of $26.76.

Planet Labs PBC (NYSE:PL) last issued its quarterly earnings results on Thursday, September 3rd. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.04. The firm had revenue of $116.05 million for the quarter, compared to analyst estimates of $104.53 million. The company’s revenue was up 58.2% compared to the same quarter last year. During the same period last year, the company earned ($0.07) EPS. As a group, equities research analysts anticipate that Planet Labs PBC will post -0.60 earnings per share for the current fiscal year.

Planet Labs PBC Profile

Planet Labs PBC is a space and data analytics company that operates a large fleet of Earth-observation satellites. The company captures frequently updated imagery of land and coastal areas worldwide, helping organizations monitor changes and make decisions based on current geospatial information.

Planet’s product portfolio includes PlanetScope, which provides high-frequency satellite imagery, and SkySat, which offers higher-resolution imagery for more detailed analysis. The company also develops specialized satellite and data products, including hyperspectral capabilities, and provides cloud-based platforms, application programming interfaces and analytical tools that allow customers to access, analyze and integrate geospatial data into their own workflows.

Its customers and partners include businesses, governments, researchers and nonprofit organizations in areas such as agriculture, mapping, forestry, energy, infrastructure, insurance, defense and climate monitoring.