Monterey Private Wealth Inc. Invests $40,000 in Planet Labs PBC (NYSE:PL)

Monterey Private Wealth Inc. bought a new position in Planet Labs PBC (NYSE:PL) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 10,000 shares of the company’s stock, valued at approximately $40,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. ArrowMark Colorado Holdings LLC raised its holdings in shares of Planet Labs PBC by 28.2% during the third quarter. ArrowMark Colorado Holdings LLC now owns 1,817,000 shares of the company’s stock valued at $4,052,000 after acquiring an additional 400,000 shares during the period. Barclays PLC grew its position in Planet Labs PBC by 25.0% during the 3rd quarter. Barclays PLC now owns 326,147 shares of the company’s stock worth $728,000 after purchasing an additional 65,181 shares in the last quarter. State Street Corp raised its stake in Planet Labs PBC by 5.7% during the 3rd quarter. State Street Corp now owns 4,272,633 shares of the company’s stock valued at $9,528,000 after purchasing an additional 230,076 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Planet Labs PBC by 16.5% in the third quarter. Geode Capital Management LLC now owns 4,870,492 shares of the company’s stock valued at $10,864,000 after purchasing an additional 689,888 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its position in shares of Planet Labs PBC by 119.8% in the third quarter. Jacobs Levy Equity Management Inc. now owns 895,109 shares of the company’s stock worth $1,996,000 after buying an additional 487,958 shares during the period. 41.71% of the stock is owned by institutional investors and hedge funds.

Planet Labs PBC Stock Performance

Shares of PL opened at $3.82 on Tuesday. The firm has a market cap of $1.13 billion, a PE ratio of -9.30 and a beta of 1.32. The firm’s 50 day moving average price is $3.85 and its 200 day moving average price is $2.82. Planet Labs PBC has a twelve month low of $1.67 and a twelve month high of $4.99.

Analyst Ratings Changes

PL has been the topic of several recent analyst reports. Citigroup upped their price target on Planet Labs PBC from $4.05 to $5.00 and gave the company a “buy” rating in a research report on Monday, December 16th. Deutsche Bank Aktiengesellschaft upped their target price on Planet Labs PBC from $4.00 to $4.50 and gave the company a “buy” rating in a report on Tuesday, December 17th. JMP Securities restated a “market outperform” rating and set a $4.50 price target (up from $4.00) on shares of Planet Labs PBC in a report on Monday, December 9th. Needham & Company LLC reiterated a “buy” rating and issued a $5.00 price objective on shares of Planet Labs PBC in a research note on Friday. Finally, Craig Hallum lifted their target price on shares of Planet Labs PBC from $2.50 to $3.50 and gave the company a “hold” rating in a research note on Tuesday, December 10th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $4.33.

Planet Labs PBC Profile

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.