Penserra Capital Management LLC Grows Stock Holdings in Planet Labs PBC (NYSE:PL)

Penserra Capital Management LLC grew its holdings in Planet Labs PBC (NYSE:PL) by 16.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 554,332 shares of the company’s stock after acquiring an additional 78,410 shares during the period. Penserra Capital Management LLC owned about 0.19% of Planet Labs PBC worth $1,236,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in PL. Perkins Coie Trust Co acquired a new stake in Planet Labs PBC in the 2nd quarter valued at $28,000. Valeo Financial Advisors LLC acquired a new stake in shares of Planet Labs PBC in the third quarter valued at about $45,000. Algert Global LLC purchased a new stake in shares of Planet Labs PBC during the 2nd quarter valued at about $38,000. Virtu Financial LLC acquired a new position in Planet Labs PBC during the 1st quarter worth approximately $52,000. Finally, Vontobel Holding Ltd. lifted its position in Planet Labs PBC by 81.5% during the 3rd quarter. Vontobel Holding Ltd. now owns 22,270 shares of the company’s stock worth $50,000 after acquiring an additional 10,000 shares in the last quarter. Institutional investors and hedge funds own 41.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. The Goldman Sachs Group dropped their price objective on shares of Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating on the stock in a research note on Tuesday, September 10th. JMP Securities reaffirmed a “market outperform” rating and set a $4.00 price target on shares of Planet Labs PBC in a research note on Thursday, September 26th. Craig Hallum upped their price objective on shares of Planet Labs PBC from $2.00 to $2.50 and gave the company a “hold” rating in a research report on Friday, September 6th. Needham & Company LLC dropped their target price on Planet Labs PBC from $7.00 to $5.00 and set a “buy” rating on the stock in a research report on Friday, September 6th. Finally, Wedbush reissued an “outperform” rating and issued a $5.00 price target on shares of Planet Labs PBC in a report on Friday, August 16th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $3.93.

Planet Labs PBC Stock Performance

PL opened at $3.68 on Wednesday. Planet Labs PBC has a 1-year low of $1.67 and a 1-year high of $3.89. The company has a 50-day moving average of $2.47 and a 200-day moving average of $2.24. The company has a market capitalization of $1.08 billion, a P/E ratio of -7.82 and a beta of 0.97.

Planet Labs PBC (NYSE:PL) last announced its quarterly earnings data on Thursday, September 5th. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.02). Planet Labs PBC had a negative net margin of 57.71% and a negative return on equity of 26.87%. The firm had revenue of $61.09 million during the quarter, compared to the consensus estimate of $61.57 million. As a group, sell-side analysts expect that Planet Labs PBC will post -0.41 earnings per share 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.