Planet Labs PBC (NYSE:PL) Shares Sold by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC decreased its position in shares of Planet Labs PBC (NYSE:PL) by 25.6% during the 3rd quarter, Holdings Channel.com reports. The fund owned 855,134 shares of the company’s stock after selling 293,797 shares during the period. Exchange Traded Concepts LLC’s holdings in Planet Labs PBC were worth $1,907,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Valeo Financial Advisors LLC acquired a new position in Planet Labs PBC during the 3rd quarter worth about $45,000. Quent Capital LLC lifted its stake in Planet Labs PBC by 59.3% during the 3rd quarter. Quent Capital LLC now owns 80,600 shares of the company’s stock worth $180,000 after acquiring an additional 30,000 shares in the last quarter. SG Americas Securities LLC lifted its stake in Planet Labs PBC by 65.9% during the 3rd quarter. SG Americas Securities LLC now owns 73,723 shares of the company’s stock worth $164,000 after acquiring an additional 29,281 shares in the last quarter. Algert Global LLC acquired a new position in Planet Labs PBC during the 2nd quarter worth about $38,000. Finally, The Manufacturers Life Insurance Company raised its position in Planet Labs PBC by 8.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 71,850 shares of the company’s stock valued at $134,000 after purchasing an additional 5,395 shares in the last quarter. Institutional investors and hedge funds own 41.71% of the company’s stock.

Analyst Ratings Changes

PL has been the topic of a number of analyst reports. Craig Hallum increased their price target on Planet Labs PBC from $2.00 to $2.50 and gave the company a “hold” rating in a research report on Friday, September 6th. JMP Securities reaffirmed a “market outperform” rating and issued a $4.00 price target on shares of Planet Labs PBC in a research report on Thursday, September 26th. Wedbush reaffirmed an “outperform” rating and issued a $5.00 price target on shares of Planet Labs PBC in a research report on Friday, August 16th. Needham & Company LLC reduced their price target on Planet Labs PBC from $7.00 to $5.00 and set a “buy” rating on the stock in a research report on Friday, September 6th. Finally, The Goldman Sachs Group reduced their price target on Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating on the stock in a research report on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating and six have given 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 Stock Performance

PL opened at $2.25 on Wednesday. Planet Labs PBC has a one year low of $1.67 and a one year high of $2.89. The company has a market cap of $654.24 million, a P/E ratio of -4.69 and a beta of 0.98. The business’s 50-day simple moving average is $2.28 and its 200-day simple moving average is $2.08.

Planet Labs PBC (NYSE:PL) last released its quarterly earnings data on Thursday, September 5th. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $61.09 million during the quarter, compared to analysts’ expectations of $61.57 million. As a group, analysts predict that Planet Labs PBC will post -0.4 earnings per share for the current fiscal year.

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.