Penbrook Management LLC Sells 15,000 Shares of Planet Labs PBC (NYSE:PL)

Penbrook Management LLC reduced its position in shares of Planet Labs PBC (NYSE:PL) by 3.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 426,425 shares of the company’s stock after selling 15,000 shares during the quarter. Penbrook Management LLC owned 0.15% of Planet Labs PBC worth $1,087,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the company. GSA Capital Partners LLP raised its stake in Planet Labs PBC by 443.2% in the 3rd quarter. GSA Capital Partners LLP now owns 959,144 shares of the company’s stock worth $2,494,000 after purchasing an additional 782,568 shares in the last quarter. King Luther Capital Management Corp bought a new stake in Planet Labs PBC during the 4th quarter worth approximately $963,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Planet Labs PBC by 78.7% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 573,194 shares of the company’s stock worth $1,341,000 after purchasing an additional 252,406 shares during the last quarter. Exchange Traded Concepts LLC grew its stake in shares of Planet Labs PBC by 24.8% in the fourth quarter. Exchange Traded Concepts LLC now owns 1,159,281 shares of the company’s stock worth $2,863,000 after purchasing an additional 230,627 shares during the last quarter. Finally, Aristides Capital LLC bought a new stake in shares of Planet Labs PBC in the fourth quarter worth $226,000. 41.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PL has been the topic of a number of research analyst reports. The Goldman Sachs Group cut their price target on shares of Planet Labs PBC from $4.80 to $4.20 and set a “buy” rating on the stock in a research report on Friday, April 12th. JMP Securities reissued a “market outperform” rating and set a $4.00 target price on shares of Planet Labs PBC in a research report on Thursday, June 27th. Benchmark lowered their price target on shares of Planet Labs PBC from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Tuesday, April 2nd. Craig Hallum lowered their price target on shares of Planet Labs PBC from $3.00 to $2.00 and set a “hold” rating on the stock in a report on Friday, June 7th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $7.00 price objective on shares of Planet Labs PBC in a research note on Friday, June 21st. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $4.30.

Planet Labs PBC Price Performance

Planet Labs PBC stock traded up $0.01 during midday trading on Tuesday, reaching $1.78. 1,115,039 shares of the company traded hands, compared to its average volume of 1,363,623. Planet Labs PBC has a 12 month low of $1.67 and a 12 month high of $3.77. The firm has a market capitalization of $517.57 million, a price-to-earnings ratio of -3.71 and a beta of 0.97. The business has a 50 day moving average of $1.90 and a two-hundred day moving average of $2.12.

Planet Labs PBC (NYSE:PL) last announced its quarterly earnings data on Thursday, June 6th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.02). The firm had revenue of $60.44 million for the quarter, compared to the consensus estimate of $59.80 million. Planet Labs PBC had a negative net margin of 59.26% and a negative return on equity of 25.89%. During the same quarter in the previous year, the business earned ($0.13) earnings per share. As a group, equities analysts forecast that Planet Labs PBC will post -0.39 EPS for the current year.

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.