Cibc World Markets Corp Acquires New Position in Planet Labs PBC (NYSE:PL)

Cibc World Markets Corp acquired a new stake in shares of Planet Labs PBC (NYSE:PL) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 20,197 shares of the company’s stock, valued at approximately $82,000.

Several other large investors have also recently modified their holdings of PL. Geode Capital Management LLC lifted its holdings in Planet Labs PBC by 16.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,870,492 shares of the company’s stock worth $10,864,000 after purchasing an additional 689,888 shares in the last quarter. State Street Corp lifted its holdings in shares of Planet Labs PBC by 5.7% in the third quarter. State Street Corp now owns 4,272,633 shares of the company’s stock worth $9,528,000 after buying an additional 230,076 shares in the last quarter. ArrowMark Colorado Holdings LLC boosted its position in shares of Planet Labs PBC by 28.2% in the third quarter. ArrowMark Colorado Holdings LLC now owns 1,817,000 shares of the company’s stock valued at $4,052,000 after acquiring an additional 400,000 shares during the period. Franklin Resources Inc. grew its stake in Planet Labs PBC by 4.1% during the third quarter. Franklin Resources Inc. now owns 1,808,487 shares of the company’s stock valued at $4,105,000 after acquiring an additional 71,719 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in 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 worth $7,151,000 after acquiring an additional 37,600 shares during the period. Hedge funds and other institutional investors own 41.71% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on PL. Citigroup raised their price target on shares of Planet Labs PBC from $4.05 to $5.00 and gave the company a “buy” rating in a report on Monday, December 16th. Cantor Fitzgerald reissued an “overweight” rating and set a $6.30 price objective on shares of Planet Labs PBC in a research note on Friday, March 21st. Craig Hallum raised Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 price target on the stock in a report on Thursday, January 30th. Needham & Company LLC reissued a “buy” rating and set a $8.00 price objective on shares of Planet Labs PBC in a report on Monday. Finally, Northland Securities raised their target price on shares of Planet Labs PBC from $5.00 to $7.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Ten analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $6.27.

Planet Labs PBC Price Performance

NYSE:PL opened at $3.72 on Friday. Planet Labs PBC has a 1-year low of $1.67 and a 1-year high of $6.71. The business has a 50 day moving average of $4.89 and a 200 day moving average of $3.69. The company has a market capitalization of $1.10 billion, a price-to-earnings ratio of -9.06 and a beta of 1.45.

Planet Labs PBC (NYSE:PL) last announced its quarterly earnings data on Thursday, March 20th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.06). Planet Labs PBC had a negative return on equity of 24.16% and a negative net margin of 48.88%. The business had revenue of $61.55 million during the quarter, compared to the consensus estimate of $61.89 million. During the same quarter in the previous year, the firm posted ($0.06) earnings per share. As a group, sell-side analysts anticipate that Planet Labs PBC will post -0.37 EPS for the current year.

Planet Labs PBC 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.