Renaissance Technologies LLC Has $28.54 Million Stock Holdings in Planet Labs PBC $PL

Renaissance Technologies LLC boosted its stake in Planet Labs PBC (NYSE:PL) by 36.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,021,180 shares of the company’s stock after purchasing an additional 273,300 shares during the period. Renaissance Technologies LLC’s holdings in Planet Labs PBC were worth $28,542,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Planet Labs PBC by 4.3% during the fourth quarter. Vanguard Group Inc. now owns 19,358,515 shares of the company’s stock worth $381,750,000 after buying an additional 806,818 shares in the last quarter. Canada Pension Plan Investment Board boosted its holdings in shares of Planet Labs PBC by 0.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 7,820,400 shares of the company’s stock valued at $47,704,000 after acquiring an additional 20,400 shares in the last quarter. 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 acquiring an additional 5,851,758 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Planet Labs PBC by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 5,702,642 shares of the company’s stock valued at $112,475,000 after acquiring an additional 71,381 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its position in Planet Labs PBC by 7.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 4,137,871 shares of the company’s stock worth $81,599,000 after acquiring an additional 301,757 shares during the last quarter. Institutional investors own 41.71% of the company’s stock.

Insider Activity

In related news, Director John W. Raymond sold 6,494 shares of Planet Labs PBC stock in a transaction that occurred 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 transaction, the director directly owned 37,114 shares of the company’s stock, valued at $970,902.24. The trade was a 14.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robert H. Schingler sold 25,000 shares of the company’s stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $25.92, for a total value of $648,000.00. Following the completion of the sale, the insider owned 225,171 shares in the company, valued at $5,836,432.32. The trade was a 9.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 171,122 shares of company stock valued at $4,148,906. Company insiders own 16.42% of the company’s stock.

Planet Labs PBC Stock Performance

Shares of Planet Labs PBC stock opened at $20.42 on Wednesday. The company has a quick ratio of 2.78, a current ratio of 2.81 and a debt-to-equity ratio of 1.01. Planet Labs PBC has a twelve month low of $5.87 and a twelve month high of $51.76. The stock has a market cap of $7.28 billion, a price-to-earnings ratio of -17.91 and a beta of 2.06. The company’s fifty day moving average is $32.03 and its 200 day moving average is $30.68.

Planet Labs PBC (NYSE:PL) last posted its quarterly earnings data on Thursday, June 4th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The business had revenue of $94.15 million during the quarter, compared to the consensus estimate of $90.39 million. Planet Labs PBC had a negative return on equity of 105.29% and a negative net margin of 111.17%.Planet Labs PBC’s revenue was up 42.1% compared to the same quarter last year. Sell-side analysts forecast that Planet Labs PBC will post -0.92 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on PL shares. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $36.00 target price on shares of Planet Labs PBC in a report on Monday, June 15th. Needham & Company LLC lifted their price target on Planet Labs PBC from $40.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, June 5th. Northland Securities set a $50.00 price target on Planet Labs PBC in a report on Friday, June 5th. The Goldman Sachs Group upped their price objective on Planet Labs PBC from $22.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday, July 14th. Finally, Craig Hallum raised their price objective on shares of Planet Labs PBC from $36.00 to $49.00 and gave the company a “buy” rating in a report on Friday, June 5th. Six equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Planet Labs PBC has an average rating of “Hold” and an average target price of $35.36.

Planet Labs PBC 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.