Legato Capital Management LLC Takes $249,000 Position in Planet Labs PBC (NYSE:PL)

Legato Capital Management LLC purchased a new stake in Planet Labs PBC (NYSE:PL) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 73,787 shares of the company’s stock, valued at approximately $249,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Sterling Capital Management LLC raised its stake in shares of Planet Labs PBC by 790.6% in the 4th quarter. Sterling Capital Management LLC now owns 6,840 shares of the company’s stock valued at $28,000 after acquiring an additional 6,072 shares during the period. Wedbush Securities Inc. purchased a new stake in Planet Labs PBC during the 4th quarter worth approximately $41,000. Cetera Investment Advisers purchased a new stake in Planet Labs PBC during the 4th quarter worth approximately $46,000. Forum Financial Management LP purchased a new stake in Planet Labs PBC during the 1st quarter worth approximately $39,000. Finally, Jump Financial LLC purchased a new stake in Planet Labs PBC during the 4th quarter worth approximately $48,000. 41.71% of the stock is owned by hedge funds and other institutional investors.

Planet Labs PBC Trading Down 2.8%

Shares of NYSE:PL opened at $6.65 on Friday. Planet Labs PBC has a 52 week low of $1.76 and a 52 week high of $7.72. The company’s 50 day moving average is $5.51 and its two-hundred day moving average is $4.66. The company has a market cap of $2.02 billion, a PE ratio of -18.47 and a beta of 1.80.

Planet Labs PBC (NYSE:PL) last announced its quarterly earnings data on Wednesday, June 4th. The company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. Planet Labs PBC had a negative net margin of 42.58% and a negative return on equity of 23.36%. The company had revenue of $66.27 million for the quarter, compared to the consensus estimate of $62.25 million. As a group, equities research analysts expect that Planet Labs PBC will post -0.37 EPS for the current year.

Wall Street Analysts Forecast Growth

PL has been the topic of several recent research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $8.00 target price on shares of Planet Labs PBC in a research note on Thursday, June 5th. Wedbush upped their target price on shares of Planet Labs PBC from $5.00 to $7.00 and gave the stock an “outperform” rating in a research note on Thursday, June 5th. Wall Street Zen raised shares of Planet Labs PBC from a “sell” rating to a “hold” rating in a research note on Friday, June 6th. JMP Securities upped their target price on shares of Planet Labs PBC from $6.50 to $8.00 and gave the stock a “market outperform” rating in a research note on Tuesday. Finally, The Goldman Sachs Group initiated coverage on shares of Planet Labs PBC in a research note on Monday, June 30th. They set a “neutral” rating and a $4.60 target price on the stock. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Planet Labs PBC has an average rating of “Moderate Buy” and a consensus target price of $6.86.

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.