Exchange Traded Concepts LLC trimmed its position in Planet Labs PBC (NYSE:PL - Free Report) by 25.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 855,134 shares of the company's stock after selling 293,797 shares during the period. Exchange Traded Concepts LLC owned approximately 0.29% of Planet Labs PBC worth $1,907,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of the company. 180 Wealth Advisors LLC raised its stake in shares of Planet Labs PBC by 9.5% during the 1st quarter. 180 Wealth Advisors LLC now owns 130,926 shares of the company's stock worth $334,000 after purchasing an additional 11,365 shares in the last quarter. Perigon Wealth Management LLC grew its position in shares of Planet Labs PBC by 15.5% in the 1st quarter. Perigon Wealth Management LLC now owns 112,000 shares of the company's stock valued at $286,000 after acquiring an additional 15,000 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Planet Labs PBC in the 1st quarter valued at about $164,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Planet Labs PBC by 2.3% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 586,269 shares of the company's stock valued at $1,495,000 after purchasing an additional 13,075 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in Planet Labs PBC by 1.4% during the first quarter. Vanguard Group Inc. now owns 18,537,261 shares of the company's stock worth $47,270,000 after buying an additional 261,019 shares during the last quarter. 41.71% of the stock is currently owned by institutional investors.
Planet Labs PBC Stock Up 4.2 %
Shares of PL stock traded up $0.10 on Wednesday, reaching $2.35. The company had a trading volume of 2,467,409 shares, compared to its average volume of 1,736,579. The business's 50-day moving average is $2.28 and its 200 day moving average is $2.08. The stock has a market capitalization of $681.86 million, a PE ratio of -4.77 and a beta of 0.98. Planet Labs PBC has a one year low of $1.67 and a one year high of $2.89.
Planet Labs PBC (NYSE:PL - Get Free Report) last posted its earnings results on Thursday, September 5th. The company reported ($0.13) earnings per share for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.02). The business had revenue of $61.09 million for the quarter, compared to the consensus estimate of $61.57 million. Planet Labs PBC had a negative return on equity of 26.87% and a negative net margin of 57.71%. On average, sell-side analysts forecast that Planet Labs PBC will post -0.4 earnings per share for the current fiscal year.
Analysts Set New Price Targets
A number of equities research analysts recently weighed in on PL shares. JMP Securities reaffirmed a "market outperform" rating and set a $4.00 price target on shares of Planet Labs PBC in a report on Thursday, September 26th. Craig Hallum lifted their target price on shares of Planet Labs PBC from $2.00 to $2.50 and gave the stock a "hold" rating in a report on Friday, September 6th. Wedbush restated an "outperform" rating and set a $5.00 price objective on shares of Planet Labs PBC in a research report on Friday, August 16th. Needham & Company LLC lowered their price objective 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 dropped their price target 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. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $3.93.
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Planet Labs PBC Company Profile
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Free Report)
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.
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