Cubist Systematic Strategies LLC Raises Position in Planet Labs PBC (NYSE:PL)

Cubist Systematic Strategies LLC boosted its stake in shares of Planet Labs PBC (NYSE:PL – Get Rating) by 844.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 165,402 shares of the company’s stock after purchasing an additional 147,891 shares during the period. Cubist Systematic Strategies LLC’s holdings in Planet Labs PBC were worth $898,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in Planet Labs PBC during the 1st quarter valued at approximately $23,671,000. State Street Corp lifted its holdings in Planet Labs PBC by 580.7% in the second quarter. State Street Corp now owns 4,064,196 shares of the company’s stock worth $17,598,000 after purchasing an additional 3,467,126 shares during the period. Vanguard Group Inc. acquired a new stake in shares of Planet Labs PBC in the 1st quarter worth approximately $11,894,000. Northern Trust Corp increased its stake in shares of Planet Labs PBC by 352.8% during the second quarter. Northern Trust Corp now owns 1,418,888 shares of the company’s stock valued at $6,144,000 after acquiring an additional 1,105,535 shares during the period. Finally, Charles Schwab Investment Management Inc. acquired a new stake in shares of Planet Labs PBC in the first quarter valued at $4,657,000. Institutional investors and hedge funds own 43.05% of the company’s stock.

Planet Labs PBC Stock Up 0.7 %

Shares of PL opened at $4.54 on Thursday. Planet Labs PBC has a 12 month low of $3.70 and a 12 month high of $7.51. The company’s fifty day moving average is $4.74 and its 200-day moving average is $5.15. The firm has a market cap of $1.24 billion, a price-to-earnings ratio of -6.22 and a beta of 0.76.

Planet Labs PBC (NYSE:PL – Get Rating) last issued its quarterly earnings results on Wednesday, December 14th. The company reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.03. The company had revenue of $49.70 million for the quarter, compared to the consensus estimate of $47.27 million. Planet Labs PBC had a negative return on equity of 27.36% and a negative net margin of 96.96%. As a group, research analysts predict that Planet Labs PBC will post -0.63 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, Morgan Stanley initiated coverage on Planet Labs PBC in a research report on Monday, January 23rd. They issued an “equal weight” rating and a $6.00 price target for the company.

Planet Labs PBC Profile

(Get Rating)

Planet Labs PBC designs, constructs, and launches constellations of satellites with the intent of providing high cadence geospatial data delivered to customers through an online platform worldwide. The company offers Open Geospatial Consortium, a cloud-native proprietary technology that performs critical processing and overall harmonizing of images for time series and data fusion and analysis; and space-based hardware and related software systems.