Franklin Resources Inc. Purchases 78,348 Shares of Planet Labs PBC (NYSE:PL)

Franklin Resources Inc. grew its holdings in shares of Planet Labs PBC (NYSE:PL - Free Report) by 4.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,886,835 shares of the company's stock after acquiring an additional 78,348 shares during the period. Franklin Resources Inc. owned about 0.64% of Planet Labs PBC worth $7,623,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Monterey Private Wealth Inc. bought a new position in shares of Planet Labs PBC in the fourth quarter worth about $40,000. SBI Securities Co. Ltd. purchased a new position in Planet Labs PBC during the fourth quarter valued at approximately $42,000. Sciencast Management LP bought a new position in shares of Planet Labs PBC in the fourth quarter worth approximately $43,000. PFG Investments LLC purchased a new stake in shares of Planet Labs PBC in the fourth quarter worth $55,000. Finally, Xponance Inc. increased its stake in shares of Planet Labs PBC by 12.0% in the fourth quarter. Xponance Inc. now owns 14,959 shares of the company's stock worth $60,000 after purchasing an additional 1,608 shares in the last quarter. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PL has been the subject of several recent analyst reports. Citigroup upped their target price on shares of Planet Labs PBC from $4.05 to $5.00 and gave the stock a "buy" rating in a report on Monday, December 16th. Cantor Fitzgerald reissued an "overweight" rating and issued a $6.30 price target on shares of Planet Labs PBC in a report on Friday, March 21st. Craig Hallum raised shares of Planet Labs PBC from a "hold" rating to a "buy" rating and set a $7.00 price objective for the company in a report on Thursday, January 30th. Benchmark boosted their target price on shares of Planet Labs PBC from $4.00 to $7.00 and gave the stock a "buy" rating in a report on Wednesday, February 5th. Finally, JMP Securities raised their target price on shares of Planet Labs PBC from $4.50 to $6.50 and gave the company a "market outperform" rating in a research note on Thursday, January 30th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, Planet Labs PBC presently has an average rating of "Moderate Buy" and a consensus target price of $5.98.

Planet Labs PBC Trading Up 5.3 %

Shares of NYSE:PL traded up $0.17 during trading on Tuesday, reaching $3.31. The company's stock had a trading volume of 1,283,502 shares, compared to its average volume of 3,479,488. Planet Labs PBC has a 12 month low of $1.67 and a 12 month high of $6.71. The firm's 50 day simple moving average is $4.35 and its two-hundred day simple moving average is $3.83. The stock has a market capitalization of $998.94 million, a PE ratio of -8.06 and a beta of 1.56.

Planet Labs PBC (NYSE:PL - Get Free Report) last announced its earnings results on Thursday, March 20th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.06). Planet Labs PBC had a negative net margin of 48.88% and a negative return on equity of 24.16%. The firm had revenue of $61.55 million during the quarter, compared to analysts' expectations of $61.89 million. During the same period in the prior year, the company posted ($0.06) EPS. Research analysts anticipate that Planet Labs PBC will post -0.37 EPS 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.