Principal Financial Group Inc. Has $566,000 Holdings in Planet Labs PBC (NYSE:PL)

Principal Financial Group Inc. grew its holdings in Planet Labs PBC (NYSE:PL - Free Report) by 1,316.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 167,362 shares of the company's stock after purchasing an additional 155,549 shares during the quarter. Principal Financial Group Inc. owned approximately 0.06% of Planet Labs PBC worth $566,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of PL. Sterling Capital Management LLC boosted its stake in Planet Labs PBC by 790.6% during the 4th quarter. Sterling Capital Management LLC now owns 6,840 shares of the company's stock worth $28,000 after acquiring an additional 6,072 shares during the last quarter. Wedbush Securities Inc. bought a new position in Planet Labs PBC during the 4th quarter worth approximately $41,000. Sciencast Management LP bought a new position in Planet Labs PBC during the 4th quarter worth approximately $43,000. Cetera Investment Advisers bought a new position in Planet Labs PBC during the 4th quarter worth approximately $46,000. Finally, Jump Financial LLC bought a new position in Planet Labs PBC during the 4th quarter worth approximately $48,000. Institutional investors own 41.71% of the company's stock.

Analyst Upgrades and Downgrades

PL has been the topic of a number of research reports. Wall Street Zen raised shares of Planet Labs PBC from a "sell" rating to a "hold" rating in a research note on Friday, June 6th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $8.50 price target (up previously from $6.30) on shares of Planet Labs PBC in a research note on Tuesday, June 24th. Needham & Company LLC reaffirmed a "buy" rating and issued a $8.00 price target on shares of Planet Labs PBC in a research note on Thursday, June 5th. Wedbush lifted their price target on shares of Planet Labs PBC from $5.00 to $7.00 and gave the company an "outperform" rating in a research note on Thursday, June 5th. Finally, The Goldman Sachs Group initiated coverage on shares of 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. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $6.86.

Planet Labs PBC Stock Performance

PL traded down $0.03 during trading on Thursday, reaching $6.84. 4,558,263 shares of the stock were exchanged, compared to its average volume of 12,127,526. The stock has a market cap of $2.07 billion, a P/E ratio of -18.99 and a beta of 1.80. Planet Labs PBC has a twelve month low of $1.76 and a twelve month high of $7.72. The stock's 50 day moving average price is $5.45 and its two-hundred day moving average price is $4.64.

Planet Labs PBC (NYSE:PL - Get Free Report) last issued its 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 business had revenue of $66.27 million for the quarter, compared to the consensus estimate of $62.25 million. Equities research analysts predict that Planet Labs PBC will post -0.37 earnings per share for the current fiscal 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.