Connor Clark & Lunn Investment Management Ltd. Increases Stake in Planet Labs PBC (NYSE:PL)

Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Planet Labs PBC (NYSE:PL) by 313.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 289,884 shares of the company’s stock after buying an additional 219,702 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Planet Labs PBC were worth $1,171,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. ArrowMark Colorado Holdings LLC increased its position in shares of Planet Labs PBC by 28.2% during the third quarter. ArrowMark Colorado Holdings LLC now owns 1,817,000 shares of the company’s stock valued at $4,052,000 after buying an additional 400,000 shares during the period. JPMorgan Chase & Co. grew its holdings in Planet Labs PBC by 90.2% in the third quarter. JPMorgan Chase & Co. now owns 388,129 shares of the company’s stock worth $866,000 after purchasing an additional 184,111 shares during the period. Aspiring Ventures LLC purchased a new stake in Planet Labs PBC in the fourth quarter worth about $849,000. Barclays PLC grew its holdings in Planet Labs PBC by 25.0% in the third quarter. Barclays PLC now owns 326,147 shares of the company’s stock worth $728,000 after purchasing an additional 65,181 shares during the period. Finally, State Street Corp grew its holdings in 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 period. Hedge funds and other institutional investors own 41.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Cantor Fitzgerald assumed coverage on shares of Planet Labs PBC in a report on Friday, January 24th. They issued an “overweight” rating and a $6.30 price objective on the stock. The Goldman Sachs Group upped their price objective on shares of Planet Labs PBC from $5.00 to $6.40 and gave the stock a “buy” rating in a report on Monday, February 3rd. JMP Securities upped 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. Northland Securities upped their target price on shares of Planet Labs PBC from $5.00 to $7.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Finally, Citigroup upped their target price on shares of Planet Labs PBC from $4.05 to $5.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $6.27.

Planet Labs PBC Stock Down 1.7 %

Shares of Planet Labs PBC stock opened at $4.25 on Friday. The company has a market cap of $1.26 billion, a price-to-earnings ratio of -10.35 and a beta of 1.45. The company’s 50 day moving average is $4.88 and its 200 day moving average is $3.64. Planet Labs PBC has a twelve month low of $1.67 and a twelve month high of $6.71.

Planet Labs PBC (NYSE:PL) last issued its quarterly earnings data on Thursday, March 20th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.06). The company had revenue of $61.55 million for the quarter, compared to the consensus estimate of $61.89 million. Planet Labs PBC had a negative net margin of 48.88% and a negative return on equity of 24.16%. During the same quarter last year, the company earned ($0.06) EPS. Sell-side analysts expect that Planet Labs PBC will post -0.37 EPS for the current fiscal 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.