Hsbc Holdings PLC Purchases Shares of 422,185 Planet Labs PBC $PL

Hsbc Holdings PLC purchased a new position in Planet Labs PBC (NYSE:PL) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 422,185 shares of the company’s stock, valued at approximately $8,457,000. Hsbc Holdings PLC owned about 0.13% of Planet Labs PBC at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Parkside Financial Bank & Trust grew its holdings in shares of Planet Labs PBC by 92.5% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,550 shares of the company’s stock valued at $31,000 after buying an additional 745 shares during the last quarter. Baillie Gifford & Co. purchased a new position in Planet Labs PBC in the 4th quarter worth $32,000. GAMMA Investing LLC raised its stake in Planet Labs PBC by 146.4% in the 4th quarter. GAMMA Investing LLC now owns 2,011 shares of the company’s stock worth $40,000 after acquiring an additional 1,195 shares during the last quarter. North Star Investment Management Corp. grew its stake in Planet Labs PBC by 1,111.1% during the 4th quarter. North Star Investment Management Corp. now owns 2,180 shares of the company’s stock valued at $43,000 after purchasing an additional 2,000 shares during the last quarter. Finally, Larson Financial Group LLC purchased a new position in shares of Planet Labs PBC in the third quarter worth about $39,000. 41.71% of the stock is currently owned by institutional investors and hedge funds.

Planet Labs PBC Stock Performance

Shares of PL stock opened at $27.73 on Thursday. Planet Labs PBC has a 52-week low of $5.87 and a 52-week high of $51.76. The company has a quick ratio of 2.78, a current ratio of 2.81 and a debt-to-equity ratio of 1.01. The stock has a market cap of $9.88 billion, a PE ratio of -24.32 and a beta of 2.06. The business has a 50-day simple moving average of $36.47 and a 200-day simple moving average of $30.39.

Planet Labs PBC (NYSE:PL) last posted its earnings results on Thursday, June 4th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.01. The firm had revenue of $94.15 million for the quarter, compared to analyst estimates of $90.39 million. Planet Labs PBC had a negative return on equity of 105.29% and a negative net margin of 111.17%.The firm’s revenue for the quarter was up 42.1% on a year-over-year basis. On average, equities analysts expect that Planet Labs PBC will post -0.92 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages recently commented on PL. Morgan Stanley upped their target price on Planet Labs PBC from $26.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, March 25th. The Goldman Sachs Group reissued a “neutral” rating and set a $22.00 price target on shares of Planet Labs PBC in a research report on Thursday, June 11th. Northland Securities set a $50.00 price objective on shares of Planet Labs PBC in a research note on Friday, June 5th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $36.00 price objective on shares of Planet Labs PBC in a report on Monday, June 15th. Finally, Cantor Fitzgerald raised their target price on shares of Planet Labs PBC from $20.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, March 20th. Six equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Planet Labs PBC presently has an average rating of “Hold” and an average target price of $35.11.

Planet Labs PBC Profile

Planet Labs PBC is a public benefit corporation that operates one of the largest fleets of Earth-imaging satellites, providing high-frequency, high-resolution imagery and data analytics to a broad range of industries. The company’s multi-spectral satellite constellation captures daily snapshots of the planet, enabling clients to monitor changes in agriculture, forestry, urban development, energy infrastructure and environmental conditions. Planet’s imagery platform is designed to support timely decision-making by transforming raw satellite data into actionable insights for business and government users.

Founded in 2010 by former NASA scientists Will Marshall, Robbie Schingler and Chris Boshuizen, Planet Labs grew from a small startup into a key provider in the satellite imaging sector.