Van ECK Associates Corp Raises Stock Position in Planet Labs PBC (NYSE:PL)

Van ECK Associates Corp lifted its stake in Planet Labs PBC (NYSE:PL) by 45.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 151,158 shares of the company’s stock after buying an additional 47,390 shares during the period. Van ECK Associates Corp owned approximately 0.05% of Planet Labs PBC worth $345,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PL. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Planet Labs PBC during the first quarter worth about $164,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Planet Labs PBC by 2.3% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 586,269 shares of the company’s stock worth $1,495,000 after buying an additional 13,075 shares during the period. Vanguard Group Inc. lifted its stake in Planet Labs PBC by 1.4% in the first quarter. Vanguard Group Inc. now owns 18,537,261 shares of the company’s stock valued at $47,270,000 after buying an additional 261,019 shares during the last quarter. Quadrature Capital Ltd acquired a new stake in shares of Planet Labs PBC in the first quarter valued at approximately $66,000. Finally, PEAK6 Investments LLC grew its position in shares of Planet Labs PBC by 224.2% during the first quarter. PEAK6 Investments LLC now owns 300,120 shares of the company’s stock worth $765,000 after acquiring an additional 207,558 shares during the last quarter. 41.71% of the stock is currently owned by institutional investors and hedge funds.

Planet Labs PBC Stock Performance

NYSE PL opened at $2.64 on Wednesday. Planet Labs PBC has a twelve month low of $1.67 and a twelve month high of $2.89. The stock has a market cap of $774.79 million, a PE ratio of -5.62 and a beta of 0.97. The firm has a 50-day simple moving average of $2.23 and a 200 day simple moving average of $2.14.

Planet Labs PBC (NYSE:PL) last announced its quarterly earnings results on Thursday, September 5th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.02). Planet Labs PBC had a negative net margin of 57.71% and a negative return on equity of 26.87%. The firm had revenue of $61.09 million for the quarter, compared to the consensus estimate of $61.57 million. Research analysts forecast that Planet Labs PBC will post -0.41 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PL. Wedbush reiterated an “outperform” rating and set a $5.00 price target on shares of Planet Labs PBC in a research note on Friday, August 16th. JMP Securities reiterated a “market outperform” rating and issued a $4.00 price objective on shares of Planet Labs PBC in a research note on Thursday, September 26th. The Goldman Sachs Group lowered their target price on Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating on the stock in a report on Tuesday, September 10th. Needham & Company LLC dropped their price objective on shares of Planet Labs PBC from $7.00 to $5.00 and set a “buy” rating for the company in a research note on Friday, September 6th. Finally, Craig Hallum boosted their price objective on shares of Planet Labs PBC from $2.00 to $2.50 and gave the company a “hold” rating in a research report on Friday, September 6th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $3.93.

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.