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

Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Planet Labs PBC (NYSE:PL) by 313.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 289,884 shares of the company’s stock after buying an additional 219,702 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.10% of Planet Labs PBC worth $1,171,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of PL. King Luther Capital Management Corp grew its position in shares of Planet Labs PBC by 13.8% during the 3rd quarter. King Luther Capital Management Corp now owns 455,000 shares of the company’s stock valued at $1,015,000 after purchasing an additional 55,000 shares in the last quarter. Intech Investment Management LLC purchased a new position in shares of Planet Labs PBC during the 3rd quarter valued at $135,000. Charles Schwab Investment Management Inc. grew its position in shares of Planet Labs PBC by 13.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,732,546 shares of the company’s stock valued at $3,864,000 after purchasing an additional 201,084 shares in the last quarter. Penserra Capital Management LLC grew its position in shares of Planet Labs PBC by 16.5% during the 3rd quarter. Penserra Capital Management LLC now owns 554,332 shares of the company’s stock valued at $1,236,000 after purchasing an additional 78,410 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in shares of Planet Labs PBC by 17.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 84,254 shares of the company’s stock valued at $188,000 after purchasing an additional 12,404 shares in the last quarter. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. JMP Securities lifted their price objective on shares of Planet Labs PBC from $4.50 to $6.50 and gave the stock a “market outperform” rating in a report on Thursday, January 30th. Citigroup lifted their price objective on shares of Planet Labs PBC from $4.05 to $5.00 and gave the stock a “buy” rating in a report on Monday, December 16th. The Goldman Sachs Group lifted their price objective on shares of Planet Labs PBC from $5.00 to $6.40 and gave the stock a “buy” rating in a report on Monday, February 3rd. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Planet Labs PBC from $4.00 to $4.50 and gave the stock a “buy” rating in a report on Tuesday, December 17th. Finally, Cantor Fitzgerald initiated coverage on shares of Planet Labs PBC in a report on Friday, January 24th. They set an “overweight” rating and a $6.30 price objective for the company. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat, Planet Labs PBC presently has a consensus rating of “Buy” and an average target price of $6.27.

Planet Labs PBC Stock Down 1.7 %

Planet Labs PBC stock opened at $4.25 on Friday. The firm has a fifty day simple moving average of $4.88 and a two-hundred day simple moving average of $3.64. Planet Labs PBC has a twelve month low of $1.67 and a twelve month high of $6.71. The company has a market capitalization of $1.26 billion, a PE ratio of -10.35 and a beta of 1.45.

Planet Labs PBC (NYSE:PL) last released its quarterly earnings data on Thursday, March 20th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.06). Planet Labs PBC had a negative net margin of 48.88% and a negative return on equity of 24.16%. The firm had revenue of $61.55 million during the quarter, compared to analysts’ expectations of $61.89 million. During the same quarter in the previous year, the firm posted ($0.06) EPS. As a group, equities analysts expect that Planet Labs PBC will post -0.37 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.