Wedbush Securities Inc. Acquires New Position in Planet Labs PBC (NYSE:PL)

Wedbush Securities Inc. bought a new position in shares of Planet Labs PBC (NYSE:PL) during the 4th quarter, according to the company in its most recent filing with the SEC. The fund bought 10,190 shares of the company’s stock, valued at approximately $41,000.

A number of other large investors have also modified their holdings of the business. JPMorgan Chase & Co. grew its position in Planet Labs PBC by 227.0% during the fourth quarter. JPMorgan Chase & Co. now owns 1,269,095 shares of the company’s stock worth $5,127,000 after buying an additional 880,966 shares during the period. Geode Capital Management LLC boosted its stake in shares of 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 acquiring an additional 689,888 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Planet Labs PBC during the fourth quarter worth $1,648,000. Vanguard Group Inc. boosted its position in Planet Labs PBC by 2.6% during the fourth quarter. Vanguard Group Inc. now owns 15,952,394 shares of the company’s stock worth $64,448,000 after purchasing an additional 397,153 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Planet Labs PBC by 67.2% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 933,888 shares of the company’s stock worth $3,941,000 after purchasing an additional 375,256 shares in the last quarter. 41.71% of the stock is owned by hedge funds and other institutional investors.

Planet Labs PBC Stock Performance

Shares of NYSE PL opened at $3.17 on Friday. The firm has a market cap of $956.62 million, a P/E ratio of -7.72 and a beta of 1.56. Planet Labs PBC has a 1 year low of $1.67 and a 1 year high of $6.71. The firm’s 50 day moving average price is $4.41 and its 200 day moving average price is $3.81.

Planet Labs PBC (NYSE:PL) last issued its quarterly earnings results 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). The business had revenue of $61.55 million for the quarter, compared to analysts’ expectations of $61.89 million. Planet Labs PBC had a negative return on equity of 24.16% and a negative net margin of 48.88%. During the same period in the prior year, the company earned ($0.06) EPS. As a group, equities analysts predict that Planet Labs PBC will post -0.37 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Benchmark lifted their price target on Planet Labs PBC from $4.00 to $7.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. The Goldman Sachs Group restated a “neutral” rating and set a $3.50 target price (down from $6.00) on shares of Planet Labs PBC in a report on Friday. Craig Hallum raised shares of 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 research note on Monday, March 24th. Finally, JMP Securities lifted their price objective on Planet Labs PBC from $4.50 to $6.50 and gave the stock a “market outperform” rating in a research report on Thursday, January 30th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Planet Labs PBC currently has a consensus rating of “Moderate Buy” and a consensus price target of $5.98.

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.