Polymer Capital Management US LLC Purchases New Shares in Planet Labs PBC (NYSE:PL)

Polymer Capital Management US LLC acquired a new position in shares of Planet Labs PBC (NYSE:PL) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 34,666 shares of the company’s stock, valued at approximately $140,000.

A number of other hedge funds have also bought and sold shares of PL. Xponance Inc. lifted its holdings in shares of Planet Labs PBC by 12.0% in the 4th quarter. Xponance Inc. now owns 14,959 shares of the company’s stock worth $60,000 after acquiring an additional 1,608 shares during the last quarter. Monterey Private Wealth Inc. bought a new stake in Planet Labs PBC in the fourth quarter worth about $40,000. Wedbush Securities Inc. bought a new stake in Planet Labs PBC in the fourth quarter worth about $41,000. SBI Securities Co. Ltd. purchased a new position in shares of Planet Labs PBC during the fourth quarter valued at approximately $42,000. Finally, Sciencast Management LP purchased a new stake in shares of Planet Labs PBC in the fourth quarter worth approximately $43,000. Institutional investors own 41.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on PL. Northland Securities boosted their price objective on Planet Labs PBC from $5.00 to $7.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Needham & Company LLC reissued a “buy” rating and set a $8.00 target price on shares of Planet Labs PBC in a research note on Monday, March 24th. Cantor Fitzgerald restated an “overweight” rating and issued a $6.30 price target on shares of Planet Labs PBC in a report on Friday, March 21st. JMP Securities lifted their price objective on shares of Planet Labs PBC from $4.50 to $6.50 and gave the company a “market outperform” rating in a report on Thursday, January 30th. Finally, Craig Hallum upgraded shares of Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 target price on the stock in a research note on Thursday, January 30th. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $6.27.

Planet Labs PBC Trading Down 7.8 %

Shares of NYSE PL opened at $3.01 on Wednesday. The stock has a market capitalization of $908.26 million, a PE ratio of -7.33 and a beta of 1.56. Planet Labs PBC has a 12-month low of $1.67 and a 12-month high of $6.71. The stock’s fifty day simple moving average is $4.63 and its two-hundred day simple moving average is $3.78.

Planet Labs PBC (NYSE:PL) last posted its 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). The company had revenue of $61.55 million during the quarter, compared to analysts’ expectations of $61.89 million. Planet Labs PBC had a negative net margin of 48.88% and a negative return on equity of 24.16%. During the same quarter last year, the firm earned ($0.06) EPS. On average, equities 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.