Connor Clark & Lunn Investment Management Ltd. Sells 4,579 Shares of Planet Labs PBC (NYSE:PL)

Connor Clark & Lunn Investment Management Ltd. reduced its position in shares of Planet Labs PBC (NYSE:PL) by 6.1% in the third quarter, according to its most recent filing with the SEC. The fund 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 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of PL. The Manufacturers Life Insurance Company increased its stake in Planet Labs PBC by 8.1% during the second quarter. The Manufacturers Life Insurance Company now owns 71,850 shares of the company’s stock worth $134,000 after acquiring an additional 5,395 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Planet Labs PBC by 14.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 50,678 shares of the company’s stock worth $130,000 after purchasing an additional 6,215 shares during the period. Vanguard Personalized Indexing Management LLC increased its position in shares of Planet Labs PBC by 11.8% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 65,256 shares of the company’s stock valued at $121,000 after purchasing an additional 6,910 shares during the last quarter. Vontobel Holding Ltd. raised its holdings 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 during the period. Finally, Van ECK Associates Corp lifted its position in Planet Labs PBC by 13.0% in the second quarter. Van ECK Associates Corp now owns 103,768 shares of the company’s stock worth $193,000 after buying an additional 11,951 shares during the last quarter. 41.71% of the stock is owned by hedge funds and other institutional investors.

Planet Labs PBC Price Performance

Planet Labs PBC stock opened at $3.93 on Monday. The stock has a market cap of $1.15 billion, a price-to-earnings ratio of -8.36 and a beta of 0.97. The firm has a 50-day moving average of $2.58 and a two-hundred day moving average of $2.28. Planet Labs PBC has a 1 year low of $1.67 and a 1 year high of $4.01.

Planet Labs PBC (NYSE:PL) last announced its quarterly 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 firm had revenue of $61.09 million during 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%. Research analysts expect that Planet Labs PBC will post -0.41 earnings per share for the current year.

Analysts Set New Price Targets

PL has been the topic of a number of analyst reports. JMP Securities reiterated a “market outperform” rating and set a $4.00 price objective on shares of Planet Labs PBC in a research report on Thursday, September 26th. 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. The Goldman Sachs Group reduced 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 research report on Tuesday, September 10th. Needham & Company LLC dropped their target price on Planet Labs PBC from $7.00 to $5.00 and set a “buy” rating for the company in a research report on Friday, September 6th. Finally, Craig Hallum upped their target price on Planet Labs PBC from $2.00 to $2.50 and gave the company a “hold” rating in a research note on Friday, September 6th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $3.93.

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.