Van ECK Associates Corp Has $345,000 Stock Holdings in Planet Labs PBC (NYSE:PL)

Van ECK Associates Corp increased its position in shares of Planet Labs PBC (NYSE:PL) by 45.7% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 151,158 shares of the company’s stock after purchasing an additional 47,390 shares during the period. Van ECK Associates Corp’s holdings in Planet Labs PBC were worth $345,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new stake in shares of Planet Labs PBC during the second quarter worth $632,000. Vanguard Group Inc. increased its position in shares of Planet Labs PBC by 1.4% during the first quarter. Vanguard Group Inc. now owns 18,537,261 shares of the company’s stock worth $47,270,000 after acquiring an additional 261,019 shares in the last quarter. PEAK6 Investments LLC lifted its holdings in shares of Planet Labs PBC by 224.2% in the first quarter. PEAK6 Investments LLC now owns 300,120 shares of the company’s stock valued at $765,000 after purchasing an additional 207,558 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Planet Labs PBC by 52.2% during the 2nd quarter. Renaissance Technologies LLC now owns 600,800 shares of the company’s stock valued at $1,117,000 after acquiring an additional 206,000 shares in the last quarter. Finally, Squarepoint Ops LLC boosted its holdings in Planet Labs PBC by 343.7% during the second quarter. Squarepoint Ops LLC now owns 172,092 shares of the company’s stock worth $320,000 after purchasing an additional 133,307 shares during the last quarter. Institutional investors and hedge funds own 41.71% of the company’s stock.

Planet Labs PBC Price Performance

PL stock opened at $2.64 on Wednesday. The company has a market capitalization of $774.79 million, a price-to-earnings ratio of -5.62 and a beta of 0.97. The business has a 50 day simple moving average of $2.23 and a two-hundred day simple moving average of $2.14. Planet Labs PBC has a 1-year low of $1.67 and a 1-year high of $2.89.

Planet Labs PBC (NYSE:PL) last announced its earnings results on Thursday, September 5th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.02). The business had revenue of $61.09 million for the quarter, compared to analysts’ expectations of $61.57 million. Planet Labs PBC had a negative net margin of 57.71% and a negative return on equity of 26.87%. Sell-side analysts anticipate that Planet Labs PBC will post -0.41 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

About Planet Labs PBC

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.