ArrowMark Colorado Holdings LLC Has $8.40 Million Stock Position in Planet Labs PBC (NYSE:PL)

ArrowMark Colorado Holdings LLC grew its stake in shares of Planet Labs PBC (NYSE:PL - Free Report) by 14.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,078,958 shares of the company's stock after purchasing an additional 261,958 shares during the quarter. ArrowMark Colorado Holdings LLC owned 0.70% of Planet Labs PBC worth $8,399,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Sterling Capital Management LLC lifted its position in shares of Planet Labs PBC by 790.6% during the fourth 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 during the last quarter. Monterey Private Wealth Inc. acquired a new position in shares of Planet Labs PBC in the 4th quarter worth approximately $40,000. Wedbush Securities Inc. acquired a new stake in shares of Planet Labs PBC during the 4th quarter valued at approximately $41,000. SBI Securities Co. Ltd. bought a new position in Planet Labs PBC during the fourth quarter worth $42,000. Finally, Sciencast Management LP bought a new stake in Planet Labs PBC during the fourth quarter valued at $43,000. Institutional investors and hedge funds own 41.71% of the company's stock.

Planet Labs PBC Stock Performance

Shares of NYSE:PL traded down $0.03 on Friday, hitting $3.58. The stock had a trading volume of 2,391,268 shares, compared to its average volume of 3,589,555. The company has a market capitalization of $1.08 billion, a price-to-earnings ratio of -8.73 and a beta of 1.56. The firm's 50 day moving average price is $3.57 and its 200-day moving average price is $3.94. Planet Labs PBC has a twelve month low of $1.73 and a twelve month high of $6.71.

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 analysts' consensus estimates of ($0.02) by ($0.06). The company 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 period in the prior year, the firm posted ($0.06) earnings per share. As a group, sell-side analysts predict that Planet Labs PBC will post -0.37 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Benchmark upped their target price on Planet Labs PBC from $4.00 to $7.00 and gave the company a "buy" rating in a report on Wednesday, February 5th. Cantor Fitzgerald reissued an "overweight" rating and set a $6.30 price target on shares of Planet Labs PBC in a report on Friday, March 21st. Northland Securities increased their price objective on shares of Planet Labs PBC from $5.00 to $7.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. Needham & Company LLC reissued a "buy" rating and issued a $8.00 price objective on shares of Planet Labs PBC in a report on Monday, March 24th. Finally, Craig Hallum upgraded Planet Labs PBC from a "hold" rating to a "buy" rating and set a $7.00 price target for the company in a research report on Thursday, January 30th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $5.98.

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.