New York State Common Retirement Fund Increases Holdings in Planet Labs PBC (NYSE:PL)

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 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 135,303 shares of the company's stock after acquiring an additional 84,125 shares during the period. New York State Common Retirement Fund's holdings in Planet Labs PBC were worth $457,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Dimensional Fund Advisors LP grew its position in Planet Labs PBC by 101.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,013,845 shares of the company's stock valued at $8,140,000 after acquiring an additional 1,013,234 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Planet Labs PBC by 227.0% in the 4th 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 stake in Planet Labs PBC during the 4th quarter valued at approximately $2,568,000. Raymond James Financial Inc. purchased a new stake in Planet Labs PBC during the 4th quarter valued at approximately $1,648,000. Finally, Vanguard Group Inc. raised its stake 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 worth $64,448,000 after buying an additional 397,153 shares in the last quarter. 41.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PL. Wall Street Zen raised Planet Labs PBC from a "sell" rating to a "hold" rating in a research note on Friday, June 6th. Wedbush upped 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. JMP Securities raised their price objective on Planet Labs PBC from $6.50 to $8.00 and gave the stock a "market outperform" rating in a report on Tuesday. The Goldman Sachs Group started coverage on Planet Labs PBC in a research report on Monday, June 30th. They issued a "neutral" rating and a $4.60 target price on the stock. Finally, Citigroup increased their target price on Planet Labs PBC from $5.00 to $7.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. 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 company has a consensus rating of "Moderate Buy" and a consensus target price of $6.86.

Planet Labs PBC Stock Performance

Shares of PL stock opened at $6.65 on Friday. Planet Labs PBC has a 52-week low of $1.76 and a 52-week high of $7.72. The stock has a market cap of $2.02 billion, a PE ratio of -18.47 and a beta of 1.80. The firm's 50 day moving average price is $5.51 and its two-hundred day moving average price is $4.66.

Planet Labs PBC (NYSE:PL - Get Free Report) last announced its quarterly earnings results on Wednesday, June 4th. The company reported ($0.04) earnings per share 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, sell-side analysts predict that Planet Labs PBC will post -0.37 earnings per share for the current fiscal 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.

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