Bank of New York Mellon Corp Buys 56,124 Shares of Planet Labs PBC (NYSE:PL)

Bank of New York Mellon Corp lifted its stake in Planet Labs PBC (NYSE:PL) by 9.7% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 636,374 shares of the company’s stock after buying an additional 56,124 shares during the quarter. Bank of New York Mellon Corp’s holdings in Planet Labs PBC were worth $1,184,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of PL. Penbrook Management LLC lifted its position in shares of Planet Labs PBC by 7.1% in the second quarter. Penbrook Management LLC now owns 456,655 shares of the company’s stock worth $849,000 after buying an additional 30,230 shares in the last quarter. ARS Investment Partners LLC purchased a new stake in shares of Planet Labs PBC during the 2nd quarter worth approximately $164,000. 180 Wealth Advisors LLC raised its holdings in shares of Planet Labs PBC by 15.6% during the 2nd quarter. 180 Wealth Advisors LLC now owns 151,412 shares of the company’s stock worth $297,000 after acquiring an additional 20,486 shares in the last quarter. Perkins Coie Trust Co bought a new position in shares of Planet Labs PBC during the 2nd quarter valued at approximately $28,000. Finally, SG Americas Securities LLC grew its holdings in shares of Planet Labs PBC by 234.6% in the second quarter. SG Americas Securities LLC now owns 44,442 shares of the company’s stock valued at $83,000 after purchasing an additional 31,160 shares in the last quarter. 41.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Planet Labs PBC Price Performance

Shares of NYSE:PL opened at $2.06 on Friday. The business has a 50 day simple moving average of $2.31 and a two-hundred day simple moving average of $2.10. Planet Labs PBC has a 1 year low of $1.67 and a 1 year high of $2.89. The firm has a market capitalization of $598.99 million, a PE ratio of -4.29 and a beta of 1.00.

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.