Planet Labs PBC (NYSE:PL) Shares Purchased by New York State Common Retirement Fund

Key Points

• The New York State Common Retirement Fund increased its stake in Planet Labs PBC by 164.4%, owning 135,303 shares valued at approximately $457,000.
• Several analysts have recently updated their ratings for Planet Labs PBC, including a revision by Wall Street Zen to a "hold" rating and price targets ranging from $4.60 to $8.00.
• Planet Labs PBC reported $66.27 million in revenue for the quarter, exceeding analysts' expectations, and had a negative net margin of 42.58%.

New York State Common Retirement Fund increased its stake in shares of Planet Labs PBC (NYSE:PL - Free Report) by 164.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 135,303 shares of the company's stock after buying an additional 84,125 shares during the quarter. New York State Common Retirement Fund's holdings in Planet Labs PBC were worth $457,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Dimensional Fund Advisors LP lifted its position 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 period. JPMorgan Chase & Co. lifted its position 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 period. Baird Financial Group Inc. acquired a new stake in Planet Labs PBC in the fourth quarter valued at about $2,568,000. Raymond James Financial Inc. acquired a new stake in Planet Labs PBC in the fourth quarter valued at about $1,648,000. Finally, Vanguard Group Inc. lifted its position 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 valued at $64,448,000 after purchasing an additional 397,153 shares during the period. Hedge funds and other institutional investors own 41.71% of the company's stock.

Planet Labs PBC Price Performance

Shares of PL stock traded down $0.09 during midday trading on Tuesday, reaching $6.28. 882,476 shares of the company traded hands, compared to its average volume of 6,864,402. 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 $1.90 billion, a PE ratio of -17.43 and a beta of 1.80. The firm's 50 day simple moving average is $5.56 and its two-hundred day simple moving average is $4.69.

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. 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. As a group, research analysts anticipate that Planet Labs PBC will post -0.37 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Cantor Fitzgerald restated an "overweight" rating and issued a $8.50 price objective (up previously from $6.30) on shares of Planet Labs PBC in a research report on Tuesday, June 24th. Wedbush raised their price objective on shares of Planet Labs PBC from $5.00 to $7.00 and gave the company an "outperform" rating in a research report on Thursday, June 5th. Citigroup raised their price objective 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. Wall Street Zen upgraded shares of Planet Labs PBC from a "sell" rating to a "hold" rating in a research report on Friday, June 6th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $8.00 price target on shares of Planet Labs PBC in a research 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, the stock has an average rating of "Moderate Buy" and a consensus target price of $6.86.

Planet Labs PBC Company 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.