The Manufacturers Life Insurance Company Sells 4,400 Shares of Planet Labs PBC (NYSE:PL)

The Manufacturers Life Insurance Company cut its stake in Planet Labs PBC (NYSE:PL) by 5.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 79,854 shares of the company’s stock after selling 4,400 shares during the period. The Manufacturers Life Insurance Company’s holdings in Planet Labs PBC were worth $323,000 at the end of the most recent reporting period.

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

Planet Labs PBC Trading Up 0.9%

Shares of PL opened at $3.93 on Friday. The firm has a market capitalization of $1.19 billion, a P/E ratio of -9.57 and a beta of 1.56. The firm has a fifty day moving average price of $3.55 and a 200-day moving average price of $4.01. Planet Labs PBC has a 12-month low of $1.73 and a 12-month high of $6.71.

Planet Labs PBC (NYSE:PL) last released its quarterly earnings results on Thursday, March 20th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $61.55 million for the quarter, compared to analysts’ expectations of $61.89 million. During the same period in the previous year, the company posted ($0.06) earnings per share. Analysts predict that Planet Labs PBC will post -0.37 earnings per share for the current year.

Wall Street Analysts Forecast Growth

PL has been the topic of several research reports. Craig Hallum raised Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 target price on the stock in a research report on Thursday, January 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $6.30 price objective on shares of Planet Labs PBC in a research note on Friday, March 21st. Northland Securities boosted their price target on Planet Labs PBC from $5.00 to $7.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Benchmark raised their price objective on Planet Labs PBC from $4.00 to $7.00 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. Finally, The Goldman Sachs Group reissued a “neutral” rating and issued a $3.50 price objective (down from $6.00) on shares of Planet Labs PBC in a research note on Friday, April 11th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $5.98.

About Planet Labs PBC

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.