The Manufacturers Life Insurance Company Raises Position in Planet Labs PBC (NYSE:PL)

The Manufacturers Life Insurance Company lifted its holdings in Planet Labs PBC (NYSE:PLFree Report) by 8.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 71,850 shares of the company’s stock after purchasing an additional 5,395 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Planet Labs PBC were worth $134,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Perkins Coie Trust Co purchased a new stake in Planet Labs PBC during the 2nd quarter worth approximately $28,000. Virtu Financial LLC purchased a new stake in shares of Planet Labs PBC during the first quarter valued at $52,000. Quadrature Capital Ltd purchased a new stake in shares of Planet Labs PBC during the first quarter valued at $66,000. SG Americas Securities LLC increased its position in shares of Planet Labs PBC by 234.6% in the 2nd quarter. SG Americas Securities LLC now owns 44,442 shares of the company’s stock valued at $83,000 after acquiring an additional 31,160 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its stake in Planet Labs PBC by 14.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 50,678 shares of the company’s stock worth $130,000 after acquiring an additional 6,215 shares during the last quarter. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on PL. Needham & Company LLC dropped their price target on Planet Labs PBC from $7.00 to $5.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. JMP Securities reiterated a “market outperform” rating and issued a $4.00 target price on shares of Planet Labs PBC in a research report on Thursday, September 26th. Wedbush reissued an “outperform” rating and set a $5.00 price target on shares of Planet Labs PBC in a research report on Friday, August 16th. Craig Hallum lifted their price objective on shares of Planet Labs PBC from $2.00 to $2.50 and gave the company a “hold” rating in a research note on Friday, September 6th. Finally, The Goldman Sachs Group cut their price objective on shares of Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating on the stock in a research note on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Planet Labs PBC has an average rating of “Moderate Buy” and a consensus price target of $3.93.

Get Our Latest Stock Analysis on PL

Planet Labs PBC Stock Up 0.9 %

PL opened at $2.32 on Friday. The company has a market cap of $674.59 million, a PE ratio of -4.83 and a beta of 0.98. Planet Labs PBC has a twelve month low of $1.67 and a twelve month high of $2.89. The company has a 50-day moving average price of $2.29 and a 200 day moving average price of $2.08.

Planet Labs PBC (NYSE:PLGet Free Report) last announced its earnings results on Thursday, September 5th. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). The firm had revenue of $61.09 million for the quarter, compared to analyst estimates of $61.57 million. Planet Labs PBC had a negative net margin of 57.71% and a negative return on equity of 26.87%. As a group, sell-side analysts expect that Planet Labs PBC will post -0.4 earnings per share for the current year.

About Planet Labs PBC

(Free Report)

Planet Labs PBC engages in the design, construction, and launch constellations of satellites with the intent of providing high cadence geospatial data delivered to customers through an online platform worldwide. The company’s platform offers planet monitoring, basemap, tasking, apps, and application programming interfaces, as well as analytics and planetary variables.

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Institutional Ownership by Quarter for Planet Labs PBC (NYSE:PL)

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