Bank of New York Mellon Corp Increases Position in Planet Labs PBC (NYSE:PL)

Bank of New York Mellon Corp boosted its stake in shares of Planet Labs PBC (NYSE:PL) by 9.7% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 636,374 shares of the company’s stock after buying an additional 56,124 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.22% of Planet Labs PBC worth $1,184,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in PL. Victory Capital Management Inc. lifted its stake in shares of Planet Labs PBC by 30.9% during the 4th 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 in the last quarter. Vanguard Personalized Indexing Management LLC purchased a new position in shares of Planet Labs PBC during the 4th quarter valued at $144,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Planet Labs PBC in the fourth quarter worth $34,000. King Luther Capital Management Corp purchased a new stake in shares of Planet Labs PBC in the fourth quarter worth $963,000. Finally, Teramo Advisors LLC boosted its stake in Planet Labs PBC by 3.8% during the fourth quarter. Teramo Advisors LLC now owns 1,100,000 shares of the company’s stock valued at $2,717,000 after buying an additional 40,000 shares during the period. Institutional investors own 41.71% of the company’s stock.

Planet Labs PBC Stock Performance

NYSE PL opened at $2.06 on Friday. The business’s fifty day moving average is $2.31 and its 200 day moving average is $2.10. Planet Labs PBC has a fifty-two week low of $1.67 and a fifty-two week high of $2.89. The company has a market capitalization of $598.99 million, a PE ratio of -4.29 and a beta of 1.00.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on PL shares. Needham & Company LLC dropped their target price on shares of 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. The Goldman Sachs Group decreased their target price on shares of 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. Craig Hallum raised 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. 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. Finally, Wedbush reaffirmed an “outperform” rating and set a $5.00 target price on shares of Planet Labs PBC in a research note on Friday, August 16th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target 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.