ProShare Advisors LLC Buys 20,426 Shares of Planet Labs PBC (NYSE:PL)

ProShare Advisors LLC increased its stake in Planet Labs PBC (NYSE:PL) by 50.6% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 60,777 shares of the company’s stock after acquiring an additional 20,426 shares during the period. ProShare Advisors LLC’s holdings in Planet Labs PBC were worth $246,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of PL. Sterling Capital Management LLC raised its stake in Planet Labs PBC by 790.6% in the fourth quarter. Sterling Capital Management LLC now owns 6,840 shares of the company’s stock worth $28,000 after buying an additional 6,072 shares in the last quarter. Wedbush Securities Inc. bought a new position in shares of Planet Labs PBC during the fourth quarter valued at approximately $41,000. SBI Securities Co. Ltd. bought a new position in shares of Planet Labs PBC during the fourth quarter valued at approximately $42,000. Sciencast Management LP bought a new position in shares of Planet Labs PBC during the fourth quarter valued at approximately $43,000. Finally, Cetera Investment Advisers bought a new position in shares of Planet Labs PBC during the fourth quarter valued at approximately $46,000. 41.71% of the stock is owned by institutional investors.

Planet Labs PBC Stock Down 2.0%

NYSE:PL opened at $3.86 on Friday. The company’s 50 day moving average price is $3.50 and its 200-day moving average price is $4.11. Planet Labs PBC has a 52 week low of $1.73 and a 52 week high of $6.71. The stock has a market cap of $1.17 billion, a price-to-earnings ratio of -9.41 and a beta of 1.56.

Planet Labs PBC (NYSE:PL) last posted its quarterly earnings results on Thursday, March 20th. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $61.89 million. During the same quarter in the previous year, the company earned ($0.06) EPS. As a group, sell-side analysts anticipate that Planet Labs PBC will post -0.37 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Benchmark raised their target price on shares of 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 reaffirmed 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. Needham & Company LLC reaffirmed a “buy” rating and set a $8.00 target price on shares of Planet Labs PBC in a research note on Wednesday, May 14th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $6.30 target price on shares of Planet Labs PBC in a research note on Friday, March 21st. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $5.98.

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.