King Luther Capital Management Corp Raises Stake in Planet Labs PBC (NYSE:PL)

King Luther Capital Management Corp raised its stake in shares of Planet Labs PBC (NYSE:PL) by 13.8% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 455,000 shares of the company’s stock after buying an additional 55,000 shares during the quarter. King Luther Capital Management Corp owned about 0.16% of Planet Labs PBC worth $1,015,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Planet Labs PBC by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 18,537,261 shares of the company’s stock valued at $47,270,000 after purchasing an additional 261,019 shares in the last quarter. Quadrature Capital Ltd purchased a new position in Planet Labs PBC during the first quarter worth about $66,000. PEAK6 Investments LLC increased its stake in Planet Labs PBC by 224.2% in the 1st 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. Price T Rowe Associates Inc. MD raised its holdings in shares of Planet Labs PBC by 14.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 50,678 shares of the company’s stock valued at $130,000 after acquiring an additional 6,215 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its position in shares of Planet Labs PBC by 26.1% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 511,976 shares of the company’s stock valued at $1,306,000 after acquiring an additional 106,083 shares during the last quarter. 41.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Planet Labs PBC Stock Up 5.7 %

NYSE PL opened at $3.51 on Friday. The firm has a market cap of $1.03 billion, a price-to-earnings ratio of -7.47 and a beta of 0.97. The company has a 50-day simple moving average of $2.41 and a two-hundred day simple moving average of $2.21. Planet Labs PBC has a 12-month low of $1.67 and a 12-month high of $3.54.

Planet Labs PBC (NYSE:PL) last posted 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). The company 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%. Equities analysts expect that Planet Labs PBC will post -0.41 earnings per share for the current fiscal 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.