Corebridge Financial Inc. Reduces Stake in Planet Labs PBC (NYSE:PL)

Corebridge Financial Inc. lessened its stake in shares of Planet Labs PBC (NYSE:PL) by 6.0% during the 4th quarter, Holdings Channel reports. The fund owned 107,294 shares of the company’s stock after selling 6,889 shares during the quarter. Corebridge Financial Inc.’s holdings in Planet Labs PBC were worth $433,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of PL. Monterey Private Wealth Inc. purchased a new stake in shares of Planet Labs PBC in the 4th quarter valued at approximately $40,000. SBI Securities Co. Ltd. purchased a new stake in Planet Labs PBC in the fourth quarter valued at approximately $42,000. Sciencast Management LP acquired a new position in Planet Labs PBC during the fourth quarter worth $43,000. PFG Investments LLC purchased a new position in shares of Planet Labs PBC during the fourth quarter worth $55,000. Finally, Xponance Inc. grew its stake in shares of Planet Labs PBC by 12.0% in the fourth quarter. Xponance Inc. now owns 14,959 shares of the company’s stock valued at $60,000 after buying an additional 1,608 shares in the last quarter. Institutional investors and hedge funds own 41.71% of the company’s stock.

Planet Labs PBC Stock Performance

NYSE PL opened at $3.63 on Thursday. The firm’s fifty day moving average is $4.53 and its two-hundred day moving average is $3.79. Planet Labs PBC has a one year low of $1.67 and a one year high of $6.71. The firm has a market cap of $1.10 billion, a PE ratio of -8.84 and a beta of 1.56.

Planet Labs PBC (NYSE:PL) last issued its quarterly earnings results on Thursday, March 20th. The company reported ($0.08) earnings per share (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 company had revenue of $61.55 million during the quarter, compared to analyst estimates of $61.89 million. During the same quarter last year, the firm earned ($0.06) EPS. Research analysts predict that Planet Labs PBC will post -0.37 earnings per share for the current year.

Wall Street Analyst Weigh In

PL has been the subject of a number of research analyst reports. JMP Securities raised their target price on Planet Labs PBC from $4.50 to $6.50 and gave the company a “market outperform” rating in a report on Thursday, January 30th. Benchmark lifted their price objective on shares of Planet Labs PBC from $4.00 to $7.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Planet Labs PBC from $4.00 to $4.50 and gave the stock a “buy” rating in a report on Tuesday, December 17th. Northland Securities boosted their price target 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 increased their price objective on Planet Labs PBC from $4.05 to $5.00 and gave the company 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.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $6.27.

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.