King Luther Capital Management Corp Acquires 55,000 Shares of Planet Labs PBC (NYSE:PL)

King Luther Capital Management Corp boosted its stake in Planet Labs PBC (NYSE:PL) by 13.8% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 455,000 shares of the company’s stock after purchasing an additional 55,000 shares during the quarter. King Luther Capital Management Corp’s holdings in Planet Labs PBC were worth $1,015,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Perkins Coie Trust Co bought a new stake in shares of Planet Labs PBC during the 2nd quarter valued at about $28,000. Algert Global LLC purchased a new stake in Planet Labs PBC in the second quarter worth about $38,000. Valeo Financial Advisors LLC bought a new stake in Planet Labs PBC during the 3rd quarter valued at approximately $45,000. Vontobel Holding Ltd. grew its holdings in shares of 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 during the period. Finally, Virtu Financial LLC bought a new position in shares of Planet Labs PBC in the 1st quarter worth approximately $52,000. 41.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PL has been the topic of several research reports. Craig Hallum lifted their price target on Planet Labs PBC from $2.00 to $2.50 and gave the company a “hold” rating in a research report on Friday, September 6th. Wedbush reaffirmed an “outperform” rating and issued a $5.00 target price on shares of Planet Labs PBC in a research report on Friday, August 16th. The Goldman Sachs Group lowered their price target on shares of Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating for the company in a research report on Tuesday, September 10th. Needham & Company LLC cut their price objective 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. Finally, JMP Securities reiterated a “market outperform” rating and set a $4.00 target price on shares of Planet Labs PBC in a report on Thursday, September 26th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $3.93.

Planet Labs PBC Stock Performance

Shares of PL stock opened at $3.51 on Friday. The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of -7.47 and a beta of 0.97. Planet Labs PBC has a one year low of $1.67 and a one year high of $3.54. The company’s 50-day moving average is $2.41 and its 200 day moving average is $2.21.

Planet Labs PBC (NYSE:PL) last posted its quarterly earnings results on Thursday, September 5th. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $61.57 million. As a group, research analysts predict 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.