Legato Capital Management LLC Makes New Investment in Planet Labs PBC (NYSE:PL)

Key Points

• Legato Capital Management LLC took a new position in Planet Labs PBC, purchasing 73,787 shares valued at approximately $249,000 during the first quarter.
• Planet Labs PBC reported a quarterly revenue of $66.27 million, exceeding analysts' expectations, and the company has a current market cap of $2.02 billion.
• Multiple analysts have issued positive ratings for Planet Labs PBC, with target prices ranging up to $8.00, indicating strong investor interest and potential growth.

Legato Capital Management LLC purchased a new position in Planet Labs PBC (NYSE:PL - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 73,787 shares of the company's stock, valued at approximately $249,000.

Other institutional investors also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC purchased a new stake in Planet Labs PBC during the 1st quarter valued at about $115,000. Rhumbline Advisers boosted its holdings in shares of Planet Labs PBC by 2.3% during the 1st quarter. Rhumbline Advisers now owns 293,950 shares of the company's stock valued at $994,000 after acquiring an additional 6,692 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Planet Labs PBC by 1,316.8% during the 1st quarter. Principal Financial Group Inc. now owns 167,362 shares of the company's stock valued at $566,000 after acquiring an additional 155,549 shares during the last quarter. Deutsche Bank AG boosted its holdings in shares of Planet Labs PBC by 48.9% during the 4th quarter. Deutsche Bank AG now owns 208,412 shares of the company's stock valued at $842,000 after acquiring an additional 68,465 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Planet Labs PBC by 2.6% during the 4th quarter. Vanguard Group Inc. now owns 15,952,394 shares of the company's stock valued at $64,448,000 after acquiring an additional 397,153 shares during the last quarter. 41.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $8.00 price target on shares of Planet Labs PBC in a report on Thursday, June 5th. Citigroup raised their price target on shares of Planet Labs PBC from $5.00 to $7.00 and gave the company a "buy" rating in a report on Friday, June 6th. The Goldman Sachs Group assumed coverage on shares of Planet Labs PBC in a report on Monday, June 30th. They set a "neutral" rating and a $4.60 price target on the stock. Wedbush raised their price target on shares of Planet Labs PBC from $5.00 to $7.00 and gave the company an "outperform" rating in a report on Thursday, June 5th. Finally, Wall Street Zen raised shares of Planet Labs PBC from a "sell" rating to a "hold" rating in a report on Friday, June 6th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $6.86.

Planet Labs PBC Price Performance

Shares of NYSE:PL traded down $0.29 during trading on Tuesday, hitting $6.08. The company's stock had a trading volume of 1,916,155 shares, compared to its average volume of 6,869,761. The company has a 50-day moving average of $5.56 and a 200-day moving average of $4.69. Planet Labs PBC has a 12 month low of $1.76 and a 12 month high of $7.72. The firm has a market cap of $1.84 billion, a price-to-earnings ratio of -16.91 and a beta of 1.80.

Planet Labs PBC (NYSE:PL - Get Free Report) last released its earnings results on Wednesday, June 4th. The company reported ($0.04) EPS for the quarter, topping analysts' consensus estimates of ($0.05) by $0.01. Planet Labs PBC had a negative net margin of 42.58% and a negative return on equity of 23.36%. The company had revenue of $66.27 million for the quarter, compared to analysts' expectations of $62.25 million. As a group, research analysts anticipate 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.