Northern Trust Corp Raises Stock Holdings in Planet Labs PBC (NYSE:PL)

Northern Trust Corp raised its stake in Planet Labs PBC (NYSE:PL - Free Report) by 8.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,966,504 shares of the company's stock after acquiring an additional 145,123 shares during the period. Northern Trust Corp owned approximately 0.66% of Planet Labs PBC worth $7,945,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of PL. Dimensional Fund Advisors LP grew its position in Planet Labs PBC by 101.3% during the 4th 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 last quarter. JPMorgan Chase & Co. lifted its stake in shares of Planet Labs PBC by 227.0% in the fourth quarter. JPMorgan Chase & Co. now owns 1,269,095 shares of the company's stock worth $5,127,000 after buying an additional 880,966 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Planet Labs PBC in the fourth quarter worth approximately $1,648,000. Vanguard Group Inc. grew its holdings in shares of Planet Labs PBC by 2.6% during the fourth quarter. Vanguard Group Inc. now owns 15,952,394 shares of the company's stock valued at $64,448,000 after buying an additional 397,153 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Planet Labs PBC by 67.2% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 933,888 shares of the company's stock valued at $3,941,000 after acquiring an additional 375,256 shares in the last quarter. 41.71% of the stock is currently owned by institutional investors.

Planet Labs PBC Stock Down 0.5%

Shares of Planet Labs PBC stock traded down $0.02 during trading hours on Thursday, reaching $3.69. 4,403,809 shares of the stock traded hands, compared to its average volume of 3,672,279. Planet Labs PBC has a one year low of $1.73 and a one year high of $6.71. The firm has a market capitalization of $1.12 billion, a price-to-earnings ratio of -9.00 and a beta of 1.56. The company has a 50 day moving average price of $3.53 and a 200 day moving average price of $4.03.

Planet Labs PBC (NYSE:PL - Get Free Report) last posted its quarterly earnings data on Thursday, March 20th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.06). Planet Labs PBC had a negative return on equity of 24.16% and a negative net margin of 48.88%. The business had revenue of $61.55 million during the quarter, compared to analysts' expectations of $61.89 million. During the same period in the previous year, the business posted ($0.06) EPS. Sell-side analysts anticipate that Planet Labs PBC will post -0.37 earnings per share for the current year.

Analyst Ratings Changes

PL has been the topic of several analyst reports. Northland Securities 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, January 30th. Benchmark upped their price target on Planet Labs PBC from $4.00 to $7.00 and gave the company a "buy" rating in a report on Wednesday, February 5th. Needham & Company LLC reaffirmed a "buy" rating and set a $8.00 price objective on shares of Planet Labs PBC in a research report on Wednesday, May 14th. Craig Hallum upgraded Planet Labs PBC from a "hold" rating to a "buy" rating and set a $7.00 price objective for the company in a report on Thursday, January 30th. Finally, The Goldman Sachs Group restated a "neutral" rating and set a $3.50 target price (down previously from $6.00) on shares of Planet Labs PBC in a research note on Friday, April 11th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $5.98.

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.