Planet Labs PBC (NYSE:PL) Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. increased its holdings in shares of Planet Labs PBC (NYSE:PL) by 1,316.8% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 167,362 shares of the company’s stock after acquiring an additional 155,549 shares during the period. Principal Financial Group Inc. owned approximately 0.06% of Planet Labs PBC worth $566,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of PL. Charles Schwab Investment Management Inc. grew its position in shares of Planet Labs PBC by 2.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,770,146 shares of the company’s stock valued at $7,151,000 after acquiring an additional 37,600 shares during the period. Raymond James Financial Inc. purchased a new position in Planet Labs PBC in the 4th quarter valued at about $1,648,000. Swiss National Bank lifted its stake in Planet Labs PBC by 2.7% in the 4th quarter. Swiss National Bank now owns 401,700 shares of the company’s stock valued at $1,623,000 after buying an additional 10,700 shares in the last quarter. Cibc World Markets Corp purchased a new position in Planet Labs PBC in the 4th quarter valued at about $82,000. Finally, Xponance Inc. lifted its stake 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. 41.71% of the stock is currently owned by institutional investors and hedge funds.

Planet Labs PBC Trading Up 2.3%

NYSE PL opened at $6.78 on Monday. Planet Labs PBC has a twelve month low of $1.76 and a twelve month high of $7.72. The stock has a fifty day simple moving average of $5.21 and a 200-day simple moving average of $4.58. The stock has a market cap of $2.06 billion, a PE ratio of -18.83 and a beta of 1.80.

Planet Labs PBC (NYSE:PL) last posted its earnings results on Wednesday, June 4th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.01. Planet Labs PBC had a negative net margin of 42.58% and a negative return on equity of 23.36%. The firm had revenue of $66.27 million during the quarter, compared to the consensus estimate of $62.25 million. Research analysts predict that Planet Labs PBC will post -0.37 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on PL shares. Wall Street Zen raised shares of Planet Labs PBC from a “sell” rating to a “hold” rating in a research note on Friday, June 6th. Citigroup raised their price target on shares of Planet Labs PBC from $5.00 to $7.00 and gave the company a “buy” rating in a research note on Friday, June 6th. The Goldman Sachs Group started coverage on shares of Planet Labs PBC in a research note on Monday, June 30th. They issued a “neutral” rating and a $4.60 price target on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $8.50 price target (up from $6.30) on shares of Planet Labs PBC in a research note on Tuesday, June 24th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $8.00 price target on shares of Planet Labs PBC in a research note on Thursday, June 5th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Planet Labs PBC presently has a consensus 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.