Bank of America Corp DE grew its stake in shares of Planet Labs PBC (NYSE:PL - Free Report) by 55.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 225,219 shares of the company's stock after buying an additional 80,117 shares during the period. Bank of America Corp DE owned 0.08% of Planet Labs PBC worth $910,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in PL. BNP Paribas Financial Markets acquired a new position in Planet Labs PBC in the fourth quarter valued at $110,000. Algert Global LLC acquired a new position in Planet Labs PBC in the fourth quarter valued at $490,000. ArrowMark Colorado Holdings LLC boosted its holdings in Planet Labs PBC by 14.4% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 2,078,958 shares of the company's stock valued at $8,399,000 after acquiring an additional 261,958 shares during the last quarter. Northern Trust Corp boosted its holdings in Planet Labs PBC by 8.0% in the fourth quarter. Northern Trust Corp now owns 1,966,504 shares of the company's stock valued at $7,945,000 after acquiring an additional 145,123 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Planet Labs PBC by 18.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 84,803 shares of the company's stock valued at $343,000 after acquiring an additional 13,414 shares during the last quarter. Institutional investors and hedge funds own 41.71% of the company's stock.
Analysts Set New Price Targets
A number of research analysts recently weighed in on the company. Wall Street Zen upgraded Planet Labs PBC from a "sell" rating to a "hold" rating in a report on Friday. Cantor Fitzgerald reissued an "overweight" rating and issued a $6.30 price objective on shares of Planet Labs PBC in a research report on Friday, March 21st. Wedbush raised their price objective on Planet Labs PBC from $5.00 to $7.00 and gave the company an "outperform" rating in a research report on Thursday. Needham & Company LLC reissued a "buy" rating and issued a $8.00 price objective on shares of Planet Labs PBC in a research report on Thursday. Finally, The Goldman Sachs Group reissued a "neutral" rating and issued a $3.50 price objective (down from $6.00) on shares of Planet Labs PBC in a research report on Friday, April 11th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Planet Labs PBC has a consensus rating of "Moderate Buy" and a consensus price target of $6.38.
Check Out Our Latest Research Report on Planet Labs PBC
Planet Labs PBC Stock Down 2.0%
Shares of PL stock opened at $5.84 on Friday. The business has a 50 day moving average of $3.61 and a two-hundred day moving average of $4.16. Planet Labs PBC has a 52 week low of $1.73 and a 52 week high of $6.71. The company has a market cap of $1.77 billion, a P/E ratio of -14.24 and a beta of 1.61.
Planet Labs PBC (NYSE:PL - Get Free Report) last issued its quarterly earnings data on Wednesday, June 4th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.01. The business had revenue of $66.27 million during the quarter, compared to the consensus estimate of $62.25 million. Planet Labs PBC had a negative return on equity of 24.16% and a negative net margin of 48.88%. Analysts expect that Planet Labs PBC will post -0.37 EPS for the current fiscal year.
Planet Labs PBC Profile
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Free Report)
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.
Further Reading
Want to see what other hedge funds are holding PL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Planet Labs PBC (NYSE:PL - Free Report).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
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