Lbp Am Sa Cuts Stake in Planet Labs PBC (NYSE:PL)

LBP AM SA decreased its position in Planet Labs PBC (NYSE:PL - Free Report) by 7.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 798,478 shares of the company's stock after selling 64,986 shares during the quarter. LBP AM SA owned 0.26% of Planet Labs PBC worth $2,699,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Bank of New York Mellon Corp lifted its position in Planet Labs PBC by 4.3% in the fourth quarter. Bank of New York Mellon Corp now owns 573,055 shares of the company's stock valued at $2,315,000 after purchasing an additional 23,861 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Planet Labs PBC by 2.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,770,146 shares of the company's stock valued at $7,151,000 after purchasing an additional 37,600 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Planet Labs PBC in the fourth quarter valued at approximately $1,648,000. King Luther Capital Management Corp lifted its position in Planet Labs PBC by 9.9% in the fourth quarter. King Luther Capital Management Corp now owns 500,000 shares of the company's stock valued at $2,020,000 after purchasing an additional 45,000 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in Planet Labs PBC by 313.0% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 289,884 shares of the company's stock valued at $1,171,000 after purchasing an additional 219,702 shares during the last quarter. Institutional investors own 41.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on PL shares. Wedbush boosted 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, June 5th. The Goldman Sachs Group initiated coverage on Planet Labs PBC in a research report on Monday, June 30th. They issued a "neutral" rating and a $4.60 price objective for the company. Cantor Fitzgerald restated an "overweight" rating and set a $8.50 target price (up previously from $6.30) on shares of Planet Labs PBC in a report on Tuesday, June 24th. Wall Street Zen upgraded Planet Labs PBC from a "sell" rating to a "hold" rating in a report on Friday, June 6th. Finally, Needham & Company LLC restated a "buy" rating and set a $8.00 target price on shares of Planet Labs PBC in a report on Thursday, June 5th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $6.71.

Planet Labs PBC Trading Down 7.0%

PL traded down $0.46 during trading on Friday, reaching $6.14. The stock had a trading volume of 9,125,347 shares, compared to its average volume of 5,152,540. The stock's 50 day moving average is $4.91 and its two-hundred day moving average is $4.49. The company has a market capitalization of $1.86 billion, a price-to-earnings ratio of -17.06 and a beta of 1.80. Planet Labs PBC has a one year low of $1.76 and a one year high of $7.72.

Planet Labs PBC (NYSE:PL - Get Free Report) last posted its quarterly earnings data on Wednesday, June 4th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 23.36% and a negative net margin of 42.58%. On average, equities research analysts predict that Planet Labs PBC will post -0.37 earnings per share for the current 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.