Van ECK Associates Corp Buys 369,206 Shares of Planet Labs PBC (NYSE:PL)

Van ECK Associates Corp increased its position in Planet Labs PBC (NYSE:PL) by 244.3% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 520,364 shares of the company’s stock after purchasing an additional 369,206 shares during the quarter. Van ECK Associates Corp’s holdings in Planet Labs PBC were worth $2,102,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Geode Capital Management LLC grew its holdings in shares of Planet Labs PBC by 16.5% during 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 during the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in Planet Labs PBC by 119.8% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 895,109 shares of the company’s stock valued at $1,996,000 after purchasing an additional 487,958 shares during the last quarter. ArrowMark Colorado Holdings LLC increased its holdings in Planet Labs PBC by 28.2% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 1,817,000 shares of the company’s stock worth $4,052,000 after purchasing an additional 400,000 shares in the last quarter. State Street Corp raised its stake in shares of Planet Labs PBC by 5.7% in the third quarter. State Street Corp now owns 4,272,633 shares of the company’s stock worth $9,528,000 after purchasing an additional 230,076 shares during the last quarter. Finally, Aspiring Ventures LLC bought a new position in shares of Planet Labs PBC in the fourth quarter valued at approximately $849,000. 41.71% of the stock is owned by institutional investors.

Planet Labs PBC Stock Performance

Shares of PL stock opened at $5.45 on Friday. Planet Labs PBC has a 52 week low of $1.67 and a 52 week high of $6.71. The firm’s 50-day simple moving average is $4.83 and its two-hundred day simple moving average is $3.39. The firm has a market cap of $1.62 billion, a price-to-earnings ratio of -13.28 and a beta of 1.40.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PL. The Goldman Sachs Group raised their price objective on Planet Labs PBC from $5.00 to $6.40 and gave the company a “buy” rating in a research note on Monday, February 3rd. Cantor Fitzgerald began coverage on shares of Planet Labs PBC in a research report on Friday, January 24th. They set an “overweight” rating and a $6.30 price target on the stock. Craig Hallum raised shares of Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 price objective for the company in a research report on Thursday, January 30th. Needham & Company LLC increased their price objective on shares of Planet Labs PBC from $5.00 to $8.00 and gave the company a “buy” rating in a research note on Thursday, January 30th. Finally, Northland Securities boosted their target price on Planet Labs PBC from $5.00 to $7.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Planet Labs PBC presently has a consensus rating of “Buy” and a consensus price target of $6.27.

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.