HighTower Advisors LLC Invests $37,000 in Planet Labs PBC $PL

HighTower Advisors LLC acquired a new position in Planet Labs PBC (NYSE:PL) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 10,800 shares of the company’s stock, valued at approximately $37,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PL. Allspring Global Investments Holdings LLC purchased a new position in Planet Labs PBC during the first quarter valued at $115,000. Rhumbline Advisers grew its stake in Planet Labs PBC by 2.3% during the first quarter. Rhumbline Advisers now owns 293,950 shares of the company’s stock valued at $994,000 after acquiring an additional 6,692 shares in the last quarter. Principal Financial Group Inc. grew its stake in Planet Labs PBC by 1,316.8% during the first quarter. Principal Financial Group Inc. now owns 167,362 shares of the company’s stock valued at $566,000 after acquiring an additional 155,549 shares in the last quarter. Deutsche Bank AG grew its stake in Planet Labs PBC by 48.9% during the fourth quarter. Deutsche Bank AG now owns 208,412 shares of the company’s stock valued at $842,000 after acquiring an additional 68,465 shares in the last quarter. Finally, Vontobel Holding Ltd. grew its stake in Planet Labs PBC by 220.5% during the first quarter. Vontobel Holding Ltd. now owns 45,143 shares of the company’s stock valued at $153,000 after acquiring an additional 31,057 shares in the last quarter. Institutional investors own 41.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PL. Wedbush raised their target price 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. JMP Securities raised their target price on shares of Planet Labs PBC from $6.50 to $8.00 and gave the company a “market outperform” rating in a research note on Tuesday, July 22nd. Cantor Fitzgerald reissued an “overweight” rating and issued a $8.50 price objective (up from $6.30) on shares of Planet Labs PBC in a research note on Tuesday, June 24th. Needham & Company LLC reissued a “buy” rating and issued a $8.00 price objective on shares of Planet Labs PBC in a research note on Thursday, June 5th. Finally, Citigroup lifted their price objective on shares of Planet Labs PBC from $5.00 to $7.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Nine equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Planet Labs PBC has a consensus rating of “Moderate Buy” and an average target price of $6.86.

Planet Labs PBC Trading Up 1.1%

PL stock opened at $6.53 on Friday. Planet Labs PBC has a 12 month low of $1.76 and a 12 month high of $7.72. The company has a 50-day moving average price of $6.60 and a 200 day moving average price of $4.95. The stock has a market cap of $1.98 billion, a PE ratio of -18.15 and a beta of 1.81.

Planet Labs PBC (NYSE:PL) last announced its quarterly earnings data on Wednesday, June 4th. The company reported ($0.04) earnings per share for the quarter, beating 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 company had revenue of $66.27 million during the quarter, compared to analyst estimates of $62.25 million. Sell-side analysts forecast that Planet Labs PBC will post -0.37 EPS for the current year.

Planet Labs PBC 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.