Principal Financial Group Inc. Sells 6,716 Shares of Planet Labs PBC (NYSE:PL)

Principal Financial Group Inc. lessened its position in shares of Planet Labs PBC (NYSE:PL) by 28.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,524 shares of the company’s stock after selling 6,716 shares during the quarter. Principal Financial Group Inc.’s holdings in Planet Labs PBC were worth $31,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Perkins Coie Trust Co purchased a new stake in Planet Labs PBC in the 2nd quarter worth approximately $28,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of Planet Labs PBC in the 4th quarter valued at $34,000. Virtu Financial LLC purchased a new stake in Planet Labs PBC during the first quarter worth $52,000. Victory Capital Management Inc. grew its position in Planet Labs PBC by 30.9% during the fourth quarter. Victory Capital Management Inc. now owns 22,370 shares of the company’s stock valued at $55,000 after buying an additional 5,284 shares during the period. Finally, Quadrature Capital Ltd acquired a new position in shares of Planet Labs PBC in the first quarter worth about $66,000. Hedge funds and other institutional investors own 41.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PL. Needham & Company LLC lowered their price objective on 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. Craig Hallum raised their target price 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. The Goldman Sachs Group decreased their price target on Planet Labs PBC from $3.50 to $3.10 and set a “buy” rating on the stock in a research note on Tuesday, September 10th. Wedbush reiterated an “outperform” rating and set a $5.00 price target on shares of Planet Labs PBC in a report on Friday, August 16th. Finally, JMP Securities restated a “market outperform” rating and issued a $4.00 price objective on shares of Planet Labs PBC in a report on Friday, September 6th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $3.93.

Planet Labs PBC Stock Down 1.4 %

PL stock opened at $2.12 on Tuesday. The company has a market cap of $616.44 million, a price-to-earnings ratio of -4.42 and a beta of 1.00. The business has a fifty day simple moving average of $2.29 and a 200-day simple moving average of $2.10. Planet Labs PBC has a 52 week low of $1.67 and a 52 week high of $2.89.

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.