NewEdge Advisors LLC Makes New Investment in Planet Labs PBC (NYSE:PL)

NewEdge Advisors LLC purchased a new stake in Planet Labs PBC (NYSE:PL) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 14,544 shares of the company’s stock, valued at approximately $59,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Sterling Capital Management LLC raised its holdings in Planet Labs PBC by 790.6% in the 4th quarter. Sterling Capital Management LLC now owns 6,840 shares of the company’s stock valued at $28,000 after acquiring an additional 6,072 shares during the last quarter. Monterey Private Wealth Inc. acquired a new stake in Planet Labs PBC in the fourth quarter valued at approximately $40,000. Wedbush Securities Inc. acquired a new stake in Planet Labs PBC during the 4th quarter valued at $41,000. SBI Securities Co. Ltd. purchased a new stake in shares of Planet Labs PBC during the fourth quarter worth about $42,000. Finally, Sciencast Management LP acquired a new position in shares of Planet Labs PBC in the 4th quarter valued at approximately $43,000. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PL has been the topic of a number of recent analyst reports. Northland Securities upped their target price on shares of Planet Labs PBC from $5.00 to $7.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. JMP Securities raised their target price on Planet Labs PBC from $4.50 to $6.50 and gave the company a “market outperform” rating in a research note on Thursday, January 30th. The Goldman Sachs Group reiterated a “neutral” rating and set a $3.50 price objective (down from $6.00) on shares of Planet Labs PBC in a research report on Friday, April 11th. Craig Hallum upgraded shares of Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 target price for the company in a research report on Thursday, January 30th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $6.30 price target on shares of Planet Labs PBC in a research note on Friday, March 21st. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Planet Labs PBC presently has an average rating of “Moderate Buy” and a consensus target price of $5.98.

Planet Labs PBC Stock Performance

Shares of NYSE:PL opened at $3.51 on Friday. Planet Labs PBC has a 52 week low of $1.73 and a 52 week high of $6.71. The company has a market cap of $1.06 billion, a PE ratio of -8.56 and a beta of 1.56. The firm has a 50 day simple moving average of $3.65 and a 200 day simple moving average of $3.92.

Planet Labs PBC (NYSE:PL) last issued its earnings results on Thursday, March 20th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.06). Planet Labs PBC had a negative net margin of 48.88% and a negative return on equity of 24.16%. The business had revenue of $61.55 million during the quarter, compared to analyst estimates of $61.89 million. During the same quarter in the prior year, the company earned ($0.06) EPS. On average, equities analysts predict that Planet Labs PBC will post -0.37 earnings per share for the current year.

Planet Labs PBC Company Profile

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.