33,407 Shares in Planet Labs PBC (NYSE:PL) Acquired by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC bought a new position in shares of Planet Labs PBC (NYSE:PL) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 33,407 shares of the company’s stock, valued at approximately $115,000.

A number of other institutional investors have also made changes to their positions in PL. Xponance Inc. grew its holdings in Planet Labs PBC by 12.0% in the 4th quarter. Xponance Inc. now owns 14,959 shares of the company’s stock valued at $60,000 after buying an additional 1,608 shares in the last quarter. Summit Investment Advisors Inc. grew its holdings in Planet Labs PBC by 19.9% in the 4th quarter. Summit Investment Advisors Inc. now owns 22,577 shares of the company’s stock valued at $91,000 after buying an additional 3,753 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Planet Labs PBC by 4.9% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 122,655 shares of the company’s stock valued at $496,000 after buying an additional 5,785 shares in the last quarter. Sterling Capital Management LLC grew 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 buying an additional 6,072 shares in the last quarter. Finally, Rhumbline Advisers grew its holdings in Planet Labs PBC by 2.3% in the 1st quarter. Rhumbline Advisers now owns 293,950 shares of the company’s stock valued at $994,000 after buying an additional 6,692 shares in the last quarter. 41.71% of the stock is owned by institutional investors and hedge funds.

Planet Labs PBC Stock Down 7.0%

Shares of PL stock opened at $6.14 on Friday. Planet Labs PBC has a twelve month low of $1.76 and a twelve month high of $7.72. The company has a market cap of $1.86 billion, a P/E ratio of -17.06 and a beta of 1.80. The business has a fifty day simple moving average of $4.91 and a 200 day simple moving average of $4.49.

Planet Labs PBC (NYSE:PL) last announced its quarterly earnings data on Wednesday, June 4th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.01. Planet Labs PBC had a negative return on equity of 23.36% and a negative net margin of 42.58%. The business had revenue of $66.27 million during the quarter, compared to the consensus estimate of $62.25 million. As a group, equities research analysts anticipate that Planet Labs PBC will post -0.37 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have commented on PL. Citigroup upped their price objective on Planet Labs PBC from $5.00 to $7.00 and gave the company a “buy” rating in a report on Friday, June 6th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $8.50 price objective (up from $6.30) on shares of Planet Labs PBC in a report on Tuesday, June 24th. Wall Street Zen raised Planet Labs PBC from a “sell” rating to a “hold” rating in a report on Friday, June 6th. Needham & Company LLC reiterated a “buy” rating and set a $8.00 target price on shares of Planet Labs PBC in a research report on Thursday, June 5th. Finally, Wedbush upped their target price on Planet Labs PBC from $5.00 to $7.00 and gave the company an “outperform” rating in a research report on Thursday, June 5th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $6.71.

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.