Baird Financial Group Inc. Makes New Investment in Planet Labs PBC (NYSE:PL)

Baird Financial Group Inc. purchased a new stake in Planet Labs PBC (NYSE:PL) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 635,682 shares of the company’s stock, valued at approximately $2,568,000. Baird Financial Group Inc. owned about 0.21% of Planet Labs PBC as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the company. Xponance Inc. increased its holdings in Planet Labs PBC by 12.0% in the fourth quarter. Xponance Inc. now owns 14,959 shares of the company’s stock valued at $60,000 after purchasing an additional 1,608 shares during the period. Summit Investment Advisors Inc. increased its holdings in Planet Labs PBC by 19.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 22,577 shares of the company’s stock valued at $91,000 after purchasing an additional 3,753 shares during the period. Sterling Capital Management LLC increased its holdings in Planet Labs PBC by 790.6% in the fourth quarter. Sterling Capital Management LLC now owns 6,840 shares of the company’s stock valued at $28,000 after purchasing an additional 6,072 shares during the period. Monterey Private Wealth Inc. acquired a new stake in Planet Labs PBC in the fourth quarter valued at $40,000. Finally, Wedbush Securities Inc. acquired a new stake in Planet Labs PBC in the fourth quarter valued at $41,000. 41.71% of the stock is currently owned by institutional investors.

Planet Labs PBC Stock Performance

Shares of NYSE PL opened at $3.56 on Monday. Planet Labs PBC has a fifty-two week low of $1.73 and a fifty-two week high of $6.71. The stock has a market cap of $1.08 billion, a price-to-earnings ratio of -8.68 and a beta of 1.56. The firm’s 50-day simple moving average is $3.56 and its 200 day simple moving average is $3.97.

Planet Labs PBC (NYSE:PL) last announced its quarterly earnings results on Thursday, March 20th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $61.55 million during the quarter, compared to the consensus estimate of $61.89 million. During the same period in the previous year, the business posted ($0.06) EPS. On average, sell-side analysts predict that Planet Labs PBC will post -0.37 EPS for the current year.

Analysts Set New Price Targets

PL has been the subject of a number of recent analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $6.30 price target on shares of Planet Labs PBC in a report on Friday, March 21st. Needham & Company LLC reissued a “buy” rating and set a $8.00 price objective on shares of Planet Labs PBC in a research report on Monday, March 24th. Craig Hallum raised shares of Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 price objective on the stock in a research report on Thursday, January 30th. The Goldman Sachs Group reissued a “neutral” rating and set a $3.50 price objective (down previously from $6.00) on shares of Planet Labs PBC in a research report on Friday, April 11th. Finally, Benchmark increased their price objective on shares of Planet Labs PBC from $4.00 to $7.00 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $5.98.

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.