IQ EQ FUND MANAGEMENT IRELAND Ltd Sells 189,125 Shares of Planet Labs PBC (NYSE:PL)

IQ EQ FUND MANAGEMENT IRELAND Ltd lowered its stake in shares of Planet Labs PBC (NYSE:PL) by 55.7% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 150,667 shares of the company’s stock after selling 189,125 shares during the quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd’s holdings in Planet Labs PBC were worth $609,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. JPMorgan Chase & Co. grew its holdings in shares of Planet Labs PBC by 227.0% in the 4th quarter. JPMorgan Chase & Co. now owns 1,269,095 shares of the company’s stock valued at $5,127,000 after buying an additional 880,966 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Planet Labs PBC by 67.2% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 933,888 shares of the company’s stock valued at $3,941,000 after acquiring an additional 375,256 shares during the period. EntryPoint Capital LLC acquired a new position in Planet Labs PBC in the fourth quarter valued at about $96,000. Vanguard Group Inc. raised its position in shares of Planet Labs PBC by 2.6% during the fourth quarter. Vanguard Group Inc. now owns 15,952,394 shares of the company’s stock worth $64,448,000 after purchasing an additional 397,153 shares during the period. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Planet Labs PBC during the fourth quarter worth about $141,000. 41.71% of the stock is currently owned by institutional investors and hedge funds.

Planet Labs PBC Stock Down 7.2 %

PL stock opened at $3.45 on Friday. Planet Labs PBC has a twelve month low of $1.67 and a twelve month high of $6.71. The company has a market cap of $1.02 billion, a price-to-earnings ratio of -8.42 and a beta of 1.45. The business has a 50 day moving average price of $4.89 and a two-hundred day moving average price of $3.70.

Planet Labs PBC (NYSE:PL) last issued its earnings results on Thursday, March 20th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.06). The firm had revenue of $61.55 million for the quarter, compared to analyst estimates of $61.89 million. Planet Labs PBC had a negative return on equity of 24.16% and a negative net margin of 48.88%. During the same quarter in the previous year, the firm posted ($0.06) earnings per share. On average, equities research analysts anticipate that Planet Labs PBC will post -0.37 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Benchmark raised their target price on shares of Planet Labs PBC from $4.00 to $7.00 and gave the stock a “buy” rating in a report on Wednesday, February 5th. Citigroup raised their price objective on shares of Planet Labs PBC from $4.05 to $5.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Needham & Company LLC reaffirmed a “buy” rating and issued a $8.00 target price on shares of Planet Labs PBC in a research note on Monday, March 24th. The Goldman Sachs Group lifted their price target on Planet Labs PBC from $5.00 to $6.40 and gave the company a “buy” rating in a research note on Monday, February 3rd. Finally, JMP Securities increased their price objective on Planet Labs PBC from $4.50 to $6.50 and gave the stock a “market outperform” rating in a report on Thursday, January 30th. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Planet Labs PBC currently has an average rating of “Buy” and an average price target of $6.27.

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.