Driehaus Capital Management 13F: Cuts PL Stake by $19M

Driehaus Capital Management trimmed its holdings in Planet Labs PBC (NYSE: PL) during the period ending May 15, 2026, according to its latest Form 13F filing with the SEC. The institutional investor cut its position by 6.966%, parting with 592,927 shares of the geospatial data company. After the transaction, Driehaus still held 7,918,693 shares of Planet Labs, a position valued at $251,972,208.84 at the end of the reporting period.

Inside the Driehaus Trim on Planet Labs

Driehaus Capital Management decided to pull back slightly on its investment in the satellite imagery specialist. The fund reduced its total stake from 8,511,620 shares to 7,918,693 shares. This 6.966% decrease represents a reduction of 592,927 shares. The remaining block of shares represents a substantial commitment, valued at over $251 million at the time of the filing. Because 13F filings are backward-looking documents, they show a manager's holdings as of the end of a specific quarter and may not reflect what the fund owns today.

How Planet Labs Stock Has Moved Since the Filing

Since the filing period closed, Planet Labs shares have experienced some notable swings. On Saturday, the stock was trading at $31.82, which is well above its previous close of $14.13. The company has a 52-week low of $10.52 and reached as high as $51.76 over the past year. Looking at long-term trends, the stock's 50-day moving average is $19.15, while its 200-day moving average is $27.25. The current spot price shows that the stock has regained solid ground compared to its longer-term averages, even as it trades below its yearly high.

Recent Earnings and Financial Health

Planet Labs is currently investing heavily in its satellite constellation, which impacts its bottom line. In its latest financial reports, the company posted annual revenue of $378,278,016, representing a strong revenue growth rate of 58.1%. However, the company is not yet profitable, reporting an earnings per share (EPS) of -$1.10. Because of these net losses, the company does not have a meaningful price-to-earnings ratio, though its forward P/E is listed at -11632.0. Planet Labs maintains a healthy liquidity position with a current ratio of 2.843 and a quick ratio of 2.634, alongside a debt-to-equity ratio of 88.353. Shareholders can look forward to the next earnings report scheduled for December 9, 2026.

Wall Street Analysts Weigh In on Planet Labs

Several research firms have updated their outlooks on Planet Labs over the last few months. On October 9, 2026, Barclays initiated coverage on the stock, assigning an Equal-Weight rating and a $17.00 price target. Earlier, on September 4, 2026, Citizens reiterated its Market Perform rating without setting a target, while Needham maintained a Buy rating on the same day but lowered its price target from $53.00 to $40.00. Goldman Sachs kept a Neutral rating on July 14, 2026, though it raised its price target to $25.00 from $22.00. Wedbush also reiterated its Outperform rating on July 1, 2026, keeping a bullish $50.00 price target. Overall, the consensus among 11 analysts tracking the stock is a buy, with an average price target of $31.73.

What Planet Labs Does

Planet Labs designs, builds, and launches constellations of small satellites to photograph the Earth daily. The company processes this high-resolution imagery and sells it as geospatial data to agricultural firms, defense departments, forestry managers, and mapping services. By providing daily updates on global changes, Planet Labs helps customers track things like crop health, urban development, and environmental shifts in near real-time.

Looking Ahead for Investors

For investors watching Planet Labs, the main focus will be whether the company can turn its rapid revenue growth into consistent profitability. The upcoming earnings release on December 9, 2026, will give the market a clearer look at how its latest satellite launches are translating to new customer contracts. In the meantime, future institutional filings will reveal if other major funds are following Driehaus Capital Management's lead or buying into the satellite operator's growth story.