Planet Labs PBC (NYSE:PL) Shares Acquired by Arete Wealth Advisors LLC

Arete Wealth Advisors LLC boosted its holdings in Planet Labs PBC (NYSE:PL) by 27.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 126,854 shares of the company’s stock after acquiring an additional 26,960 shares during the period. Arete Wealth Advisors LLC’s holdings in Planet Labs PBC were worth $513,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its position in Planet Labs PBC by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 4,939,737 shares of the company’s stock valued at $19,961,000 after buying an additional 69,245 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of Planet Labs PBC by 4.3% in the 4th quarter. Franklin Resources Inc. now owns 1,886,835 shares of the company’s stock valued at $7,623,000 after acquiring an additional 78,348 shares during the period. Alliancebernstein L.P. lifted its holdings in shares of Planet Labs PBC by 31.0% in the 4th quarter. Alliancebernstein L.P. now owns 208,101 shares of the company’s stock worth $841,000 after acquiring an additional 49,217 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in shares of Planet Labs PBC during the 4th quarter worth approximately $793,000. Finally, Pictet Asset Management Holding SA increased its holdings in Planet Labs PBC by 82.0% in the 4th quarter. Pictet Asset Management Holding SA now owns 37,337 shares of the company’s stock valued at $151,000 after purchasing an additional 16,824 shares during the last quarter. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Needham & Company LLC restated a “buy” rating and set a $8.00 price target on shares of Planet Labs PBC in a research note on Monday, March 24th. Citigroup increased their target price on Planet Labs PBC from $4.05 to $5.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. Benchmark raised their target price on Planet Labs PBC from $4.00 to $7.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. Cantor Fitzgerald reiterated an “overweight” rating and set a $6.30 price target on shares of Planet Labs PBC in a research note on Friday, March 21st. Finally, JMP Securities increased their price target on shares of Planet Labs PBC from $4.50 to $6.50 and gave the stock a “market outperform” rating in a research report on Thursday, January 30th. Ten analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $6.27.

Planet Labs PBC Stock Performance

Shares of Planet Labs PBC stock opened at $3.17 on Friday. The business has a 50-day simple moving average of $4.76 and a 200-day simple moving average of $3.76. Planet Labs PBC has a one year low of $1.67 and a one year high of $6.71. The company has a market cap of $956.62 million, a PE ratio of -7.72 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 the consensus estimate of ($0.02) by ($0.06). Planet Labs PBC had a negative return on equity of 24.16% and a negative net margin of 48.88%. The firm had revenue of $61.55 million for the quarter, compared to analyst estimates of $61.89 million. During the same quarter last year, the firm earned ($0.06) EPS. On average, sell-side analysts predict that Planet Labs PBC will post -0.37 earnings per share for the current fiscal 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.