King Luther Capital Management Corp Grows Position in Planet Labs PBC (NYSE:PL)

Key Points

• King Luther Capital Management Corp has increased its stake in Planet Labs PBC by 33.0%, now owning approximately 0.22% of the company valued at $2.25 million.
• Planet Labs PBC has received positive analyst ratings, with Cantor Fitzgerald raising its price target from $6.30 to $8.50 and a consensus rating of "Moderate Buy".
• The company reported a revenue of $66.27 million in its latest earnings, exceeding analysts' expectations, while still posting an EPS loss of $0.04.

King Luther Capital Management Corp increased its position in shares of Planet Labs PBC (NYSE:PL - Free Report) by 33.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 665,000 shares of the company's stock after buying an additional 165,000 shares during the period. King Luther Capital Management Corp owned about 0.22% of Planet Labs PBC worth $2,248,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its stake in Planet Labs PBC by 101.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,013,845 shares of the company's stock valued at $8,140,000 after purchasing an additional 1,013,234 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Planet Labs PBC by 227.0% in the fourth quarter. JPMorgan Chase & Co. now owns 1,269,095 shares of the company's stock valued at $5,127,000 after purchasing an additional 880,966 shares during the last quarter. Baird Financial Group Inc. purchased a new position in Planet Labs PBC in the fourth quarter valued at approximately $2,568,000. Connor Clark & Lunn Investment Management Ltd. increased its stake in Planet Labs PBC by 144.8% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 709,657 shares of the company's stock valued at $2,399,000 after purchasing an additional 419,773 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Planet Labs PBC in the fourth quarter valued at approximately $1,648,000. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on PL shares. JMP Securities increased their price target on shares of Planet Labs PBC from $6.50 to $8.00 and gave the company a "market outperform" rating in a research note on Tuesday, July 22nd. Citigroup increased their price objective on Planet Labs PBC from $5.00 to $7.00 and gave the company a "buy" rating in a report on Friday, June 6th. Wall Street Zen raised Planet Labs PBC from a "sell" rating to a "hold" rating in a report on Friday, June 6th. Needham & Company LLC reissued a "buy" rating and issued a $8.00 price objective on shares of Planet Labs PBC in a report on Thursday, June 5th. Finally, Wedbush increased their price objective on Planet Labs PBC from $5.00 to $7.00 and gave the company an "outperform" rating in a report on Thursday, June 5th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Planet Labs PBC currently has an average rating of "Moderate Buy" and an average target price of $6.86.

Planet Labs PBC Stock Up 1.8%

Shares of NYSE PL traded up $0.12 during mid-day trading on Wednesday, hitting $6.77. 5,934,867 shares of the company were exchanged, compared to its average volume of 6,187,681. The stock has a 50 day simple moving average of $6.17 and a 200-day simple moving average of $4.86. Planet Labs PBC has a 1-year low of $1.76 and a 1-year high of $7.72. The firm has a market cap of $2.05 billion, a price-to-earnings ratio of -18.81 and a beta of 1.80.

Planet Labs PBC (NYSE:PL - Get Free Report) last issued its quarterly earnings results on Wednesday, June 4th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.01. Planet Labs PBC had a negative return on equity of 23.36% and a negative net margin of 42.58%. The firm had revenue of $66.27 million during the quarter, compared to the consensus estimate of $62.25 million. Analysts anticipate 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.