Algert Global LLC Makes New $490,000 Investment in Planet Labs PBC (NYSE:PL)

Algert Global LLC purchased a new position in Planet Labs PBC (NYSE:PL - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 121,250 shares of the company's stock, valued at approximately $490,000.

Several other hedge funds have also recently added to or reduced their stakes in PL. Xponance Inc. grew its position in Planet Labs PBC by 12.0% during the 4th 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. Summit Investment Advisors Inc. grew its position in Planet Labs PBC by 19.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 22,577 shares of the company's stock worth $91,000 after purchasing an additional 3,753 shares in the last quarter. Sterling Capital Management LLC grew its position in Planet Labs PBC by 790.6% during the 4th quarter. Sterling Capital Management LLC now owns 6,840 shares of the company's stock worth $28,000 after purchasing an additional 6,072 shares in the last quarter. Monterey Private Wealth Inc. purchased a new position in Planet Labs PBC during the 4th quarter worth approximately $40,000. Finally, Wedbush Securities Inc. purchased a new position in Planet Labs PBC during the 4th quarter worth approximately $41,000. Institutional investors and hedge funds own 41.71% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on PL. The Goldman Sachs Group reiterated a "neutral" rating and set a $3.50 price objective (down from $6.00) on shares of Planet Labs PBC in a research report on Friday, April 11th. Cantor Fitzgerald reiterated an "overweight" rating and set a $6.30 price objective on shares of Planet Labs PBC in a research report on Friday, March 21st. Needham & Company LLC reiterated a "buy" rating and set a $8.00 price objective on shares of Planet Labs PBC in a research report on Monday, March 24th. Benchmark lifted their price objective on shares of Planet Labs PBC from $4.00 to $7.00 and gave the stock a "buy" rating in a research report on Wednesday, February 5th. Finally, Northland Securities boosted their price target on shares of Planet Labs PBC from $5.00 to $7.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $5.98.

Planet Labs PBC Stock Down 1.4%

Planet Labs PBC stock opened at $3.56 on Monday. The stock has a market cap of $1.08 billion, a P/E ratio of -8.68 and a beta of 1.56. Planet Labs PBC has a 12 month low of $1.73 and a 12 month high of $6.71. The company's fifty day simple moving average is $3.56 and its 200-day simple moving average is $3.97.

Planet Labs PBC (NYSE:PL - Get Free Report) last issued its quarterly earnings data on Thursday, March 20th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.06). The business had revenue of $61.55 million during the quarter, compared to the consensus estimate 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 quarter in the prior year, the company posted ($0.06) earnings per share. On average, equities research analysts expect that Planet Labs PBC will post -0.37 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.

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