Connor Clark & Lunn Investment Management Ltd. Decreases Stock Holdings in Planet Labs PBC (NYSE:PL)

Connor Clark & Lunn Investment Management Ltd. lowered its stake in shares of Planet Labs PBC (NYSE:PL) by 6.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 70,182 shares of the company’s stock after selling 4,579 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Planet Labs PBC were worth $157,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Perkins Coie Trust Co purchased a new position in Planet Labs PBC in the second quarter worth $28,000. Algert Global LLC acquired a new stake in shares of Planet Labs PBC in the 2nd quarter worth $38,000. Valeo Financial Advisors LLC purchased a new position in Planet Labs PBC during the 3rd quarter worth $45,000. Vontobel Holding Ltd. increased 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 valued at $50,000 after buying an additional 10,000 shares in the last quarter. Finally, Virtu Financial LLC acquired a new position in Planet Labs PBC during the 1st quarter valued at about $52,000. Hedge funds and other institutional investors own 41.71% of the company’s stock.

Analyst Upgrades and Downgrades

PL has been the topic of a number of research analyst reports. Craig Hallum boosted their price target on Planet Labs PBC from $2.00 to $2.50 and gave the stock a “hold” rating in a research note on Friday, September 6th. Wedbush reissued an “outperform” rating and set a $5.00 target price on shares of Planet Labs PBC in a research report on Friday, August 16th. Needham & Company LLC cut their price target on shares of Planet Labs PBC from $7.00 to $5.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. JMP Securities reiterated a “market outperform” rating and set a $4.00 price objective on shares of Planet Labs PBC in a research note on Thursday, September 26th. Finally, 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 report on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Planet Labs PBC currently has an average rating of “Moderate Buy” and an average target price of $3.93.

Planet Labs PBC Trading Up 2.9 %

Shares of NYSE PL opened at $3.93 on Monday. The company has a 50 day simple moving average of $2.58 and a two-hundred day simple moving average of $2.28. The stock has a market cap of $1.15 billion, a price-to-earnings ratio of -8.36 and a beta of 0.97. Planet Labs PBC has a 12 month low of $1.67 and a 12 month high of $4.01.

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