Simplicity Solutions LLC Takes $28,000 Position in Planet Labs PBC (NYSE:PL)

Simplicity Solutions LLC acquired a new stake in shares of Planet Labs PBC (NYSE:PL) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 11,237 shares of the company’s stock, valued at approximately $28,000.

Other institutional investors have also recently made changes to their positions in the company. Commonwealth Equity Services LLC raised its holdings in shares of Planet Labs PBC by 21.4% during the first quarter. Commonwealth Equity Services LLC now owns 14,668 shares of the company’s stock valued at $57,000 after acquiring an additional 2,583 shares in the last quarter. ProShare Advisors LLC raised its holdings in shares of Planet Labs PBC by 14.4% during the first quarter. ProShare Advisors LLC now owns 22,897 shares of the company’s stock valued at $90,000 after acquiring an additional 2,889 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Planet Labs PBC by 4.8% during the fourth quarter. The Manufacturers Life Insurance Company now owns 64,889 shares of the company’s stock valued at $282,000 after acquiring an additional 2,994 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Planet Labs PBC by 18.8% during the first quarter. Principal Financial Group Inc. now owns 21,316 shares of the company’s stock valued at $84,000 after acquiring an additional 3,374 shares in the last quarter. Finally, Virtu Financial LLC raised its holdings in shares of Planet Labs PBC by 8.7% during the fourth quarter. Virtu Financial LLC now owns 55,173 shares of the company’s stock valued at $240,000 after acquiring an additional 4,400 shares in the last quarter. Hedge funds and other institutional investors own 41.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PL. The Goldman Sachs Group decreased their target price on Planet Labs PBC from $4.80 to $4.20 and set a “buy” rating for the company in a report on Friday, April 12th. Needham & Company LLC restated a “buy” rating and set a $7.00 target price on shares of Planet Labs PBC in a report on Monday, April 1st. Citigroup decreased their price objective on Planet Labs PBC from $4.50 to $3.90 and set a “buy” rating for the company in a report on Thursday, April 4th. JMP Securities decreased their price objective on Planet Labs PBC from $5.50 to $4.00 and set a “market outperform” rating for the company in a report on Monday, April 1st. Finally, Benchmark decreased their price objective on Planet Labs PBC from $5.00 to $4.00 and set a “buy” rating for the company in a report on Tuesday, April 2nd. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Planet Labs PBC currently has a consensus rating of “Moderate Buy” and an average target price of $4.68.

Planet Labs PBC Trading Down 0.6 %

PL opened at $1.75 on Monday. The stock has a fifty day simple moving average of $2.19 and a two-hundred day simple moving average of $2.28. The company has a market cap of $508.59 million, a price-to-earnings ratio of -3.43 and a beta of 0.79. Planet Labs PBC has a 12-month low of $1.68 and a 12-month high of $5.00.

Planet Labs PBC (NYSE:PL) last released its earnings results on Thursday, March 28th. The company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.02. Planet Labs PBC had a negative return on equity of 26.14% and a negative net margin of 63.67%. The firm had revenue of $58.85 million for the quarter, compared to analysts’ expectations of $57.64 million. On average, analysts predict that Planet Labs PBC will post -0.41 EPS for the current year.

About Planet Labs PBC

Planet Labs PBC designs, constructs, and launches constellations of satellites with the intent of providing high cadence geospatial data delivered to customers through an online platform worldwide. The company offers planet monitoring, basemap, tasking, apps, variables, hyperspectral, analytic feeds, and platform, as well as planet professional services including launch program, architectural workshop, planet training, integration and data services, and quick start services; and technical support services, which includes planet help center, developer resource center, and planet community and university.