Conestoga Capital Advisors LLC Sells 116,350 Shares of Planet Labs PBC (NYSE:PL)

Conestoga Capital Advisors LLC trimmed its holdings in Planet Labs PBC (NYSE:PL - Free Report) by 23.5% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 377,750 shares of the company's stock after selling 116,350 shares during the quarter. Conestoga Capital Advisors LLC owned 0.12% of Planet Labs PBC worth $1,277,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in PL. Deutsche Bank AG grew its holdings in shares of Planet Labs PBC by 48.9% in the fourth quarter. Deutsche Bank AG now owns 208,412 shares of the company's stock worth $842,000 after purchasing an additional 68,465 shares during the last quarter. Vanguard Group Inc. raised its holdings in Planet Labs PBC by 2.6% in 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. Rhumbline Advisers increased its stake in shares of Planet Labs PBC by 2.3% in the 1st quarter. Rhumbline Advisers now owns 293,950 shares of the company's stock worth $994,000 after acquiring an additional 6,692 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in shares of Planet Labs PBC during the fourth quarter valued at approximately $793,000. Finally, Barclays PLC raised its stake in Planet Labs PBC by 12.8% during the fourth quarter. Barclays PLC now owns 367,735 shares of the company's stock valued at $1,485,000 after buying an additional 41,588 shares during the last quarter. 41.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

PL has been the subject of several recent analyst reports. Wall Street Zen raised shares of Planet Labs PBC from a "sell" rating to a "hold" rating in a report on Friday, June 6th. Citigroup upped their price target on shares of Planet Labs PBC from $5.00 to $7.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Cantor Fitzgerald reiterated an "overweight" rating and set a $6.30 price target on shares of Planet Labs PBC in a research note on Friday, March 21st. The Goldman Sachs Group reissued a "neutral" rating and set a $3.50 price target (down previously from $6.00) on shares of Planet Labs PBC in a report on Friday, April 11th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $8.00 price objective on shares of Planet Labs PBC in a research note on Thursday, June 5th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $6.38.

Planet Labs PBC Trading Down 1.9%

Shares of NYSE PL traded down $0.10 during trading hours on Friday, hitting $5.02. 10,681,172 shares of the company traded hands, compared to its average volume of 5,991,547. The company's 50 day moving average price is $3.98 and its 200 day moving average price is $4.26. The stock has a market capitalization of $1.52 billion, a price-to-earnings ratio of -13.93 and a beta of 1.61. Planet Labs PBC has a 12 month low of $1.73 and a 12 month high of $6.71.

Planet Labs PBC (NYSE:PL - Get Free Report) last issued its earnings results on Wednesday, June 4th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.05) by $0.01. The firm had revenue of $66.27 million during the quarter, compared to analyst estimates of $62.25 million. Planet Labs PBC had a negative net margin of 42.58% and a negative return on equity of 23.36%. Equities analysts anticipate that Planet Labs PBC will post -0.37 EPS for the current 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.