Wells Fargo & Company MN Increases Holdings in Planet Labs PBC (NYSE:PL)

Wells Fargo & Company MN increased its stake in shares of Planet Labs PBC (NYSE:PL - Free Report) by 129.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 346,631 shares of the company's stock after acquiring an additional 195,471 shares during the quarter. Wells Fargo & Company MN owned approximately 0.12% of Planet Labs PBC worth $1,400,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Barclays PLC lifted its holdings in shares of Planet Labs PBC by 25.0% in the 3rd quarter. Barclays PLC now owns 326,147 shares of the company's stock worth $728,000 after purchasing an additional 65,181 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Planet Labs PBC by 16.5% in the third quarter. Geode Capital Management LLC now owns 4,870,492 shares of the company's stock valued at $10,864,000 after buying an additional 689,888 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of Planet Labs PBC by 4.1% during the third quarter. Franklin Resources Inc. now owns 1,808,487 shares of the company's stock valued at $4,105,000 after buying an additional 71,719 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Planet Labs PBC by 90.2% during the third quarter. JPMorgan Chase & Co. now owns 388,129 shares of the company's stock worth $866,000 after acquiring an additional 184,111 shares in the last quarter. Finally, Monterey Private Wealth Inc. acquired a new stake in shares of Planet Labs PBC in the 4th quarter worth about $40,000. 41.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PL has been the subject of a number of analyst reports. Benchmark lifted their price target on Planet Labs PBC from $4.00 to $7.00 and gave the company a "buy" rating in a research note on Wednesday, February 5th. The Goldman Sachs Group reiterated a "neutral" rating and set a $3.50 price target (down previously from $6.00) on shares of Planet Labs PBC in a report on Friday, April 11th. Craig Hallum raised Planet Labs PBC from a "hold" rating to a "buy" rating and set a $7.00 price target for the company in a research report on Thursday, January 30th. JMP Securities lifted their price objective on shares of Planet Labs PBC from $4.50 to $6.50 and gave the stock a "market outperform" rating in a report on Thursday, January 30th. Finally, Northland Securities increased their target price on shares of Planet Labs PBC from $5.00 to $7.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $5.98.

Planet Labs PBC Stock Performance

PL stock traded up $0.17 during mid-day trading on Friday, hitting $3.52. The company had a trading volume of 1,354,969 shares, compared to its average volume of 3,556,717. The firm has a market cap of $1.06 billion, a PE ratio of -8.57 and a beta of 1.56. Planet Labs PBC has a 12 month low of $1.73 and a 12 month high of $6.71. The stock's fifty day moving average price is $3.67 and its two-hundred day moving average price is $3.90.

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

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.