Nuveen LLC Invests $1.67 Million in Planet Labs PBC $PL

Key Points

• Nuveen LLC invested approximately $1.67 million in Planet Labs PBC, acquiring 493,368 shares and holding about 0.16% of the company's total stock.
• Several hedge funds, including King Luther Capital Management and Invesco, significantly increased their positions in Planet Labs PBC during the first quarter, indicating growing institutional interest in the company.
• Planet Labs PBC reported better-than-expected earnings of ($0.04) per share for the latest quarter, surpassing analysts' estimates and achieving revenue of $66.27 million.

Nuveen LLC purchased a new position in shares of Planet Labs PBC (NYSE:PL - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 493,368 shares of the company's stock, valued at approximately $1,668,000. Nuveen LLC owned about 0.16% of Planet Labs PBC as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. King Luther Capital Management Corp lifted its stake in shares of Planet Labs PBC by 33.0% in the first quarter. King Luther Capital Management Corp now owns 665,000 shares of the company's stock worth $2,248,000 after buying an additional 165,000 shares in the last quarter. Invesco Ltd. grew its position in shares of Planet Labs PBC by 48.2% in the first quarter. Invesco Ltd. now owns 426,623 shares of the company's stock valued at $1,442,000 after purchasing an additional 138,780 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of 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. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Planet Labs PBC by 41.7% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,323,263 shares of the company's stock worth $4,473,000 after buying an additional 389,375 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in Planet Labs PBC by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 16,213,565 shares of the company's stock valued at $54,802,000 after buying an additional 261,171 shares in the last quarter. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

Planet Labs PBC Stock Performance

Shares of Planet Labs PBC stock traded down $0.13 during trading hours on Wednesday, reaching $6.52. 4,260,784 shares of the company were exchanged, compared to its average volume of 6,708,679. The firm has a market cap of $1.98 billion, a PE ratio of -18.10 and a beta of 1.81. Planet Labs PBC has a 1 year low of $1.76 and a 1 year high of $7.72. The stock's fifty day moving average is $6.56 and its 200 day moving average is $4.94.

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 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 analysts' expectations of $62.25 million. Research analysts expect that Planet Labs PBC will post -0.37 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently commented on PL. Needham & Company LLC reiterated a "buy" rating and set a $8.00 price target on shares of Planet Labs PBC in a report on Thursday, June 5th. Wedbush raised their price target on shares of Planet Labs PBC from $5.00 to $7.00 and gave the stock an "outperform" rating in a report on Thursday, June 5th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $8.50 price objective (up from $6.30) on shares of Planet Labs PBC in a report on Tuesday, June 24th. Wall Street Zen raised Planet Labs PBC from a "sell" rating to a "hold" rating in a research note on Friday, June 6th. Finally, The Goldman Sachs Group assumed coverage on Planet Labs PBC in a research note on Monday, June 30th. They issued a "neutral" rating and a $4.60 price target on the stock. Nine equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target 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.