Conestoga Capital Advisors LLC Has $1.28 Million Position in Planet Labs PBC (NYSE:PL)

Conestoga Capital Advisors LLC lowered its stake in shares of Planet Labs PBC (NYSE:PL) by 23.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 377,750 shares of the company’s stock after selling 116,350 shares during the quarter. Conestoga Capital Advisors LLC owned about 0.12% of Planet Labs PBC worth $1,277,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. SG Americas Securities LLC grew its position in shares of Planet Labs PBC by 37.3% in the first quarter. SG Americas Securities LLC now owns 85,821 shares of the company’s stock valued at $290,000 after purchasing an additional 23,300 shares during the last quarter. Rhumbline Advisers boosted its stake in Planet Labs PBC by 2.3% during the 1st quarter. Rhumbline Advisers now owns 293,950 shares of the company’s stock valued at $994,000 after purchasing an additional 6,692 shares during the period. Toronto Dominion Bank acquired a new stake in Planet Labs PBC in the 4th quarter valued at approximately $64,000. WS Management Lllp bought a new position in Planet Labs PBC in the 4th quarter worth approximately $1,010,000. Finally, Squarepoint Ops LLC bought a new position in Planet Labs PBC in the 4th quarter worth approximately $321,000. Institutional investors and hedge funds own 41.71% of the company’s stock.

Planet Labs PBC Price Performance

NYSE PL opened at $5.34 on Tuesday. The stock’s 50 day simple moving average is $3.89 and its 200 day simple moving average is $4.24. Planet Labs PBC has a one year low of $1.73 and a one year high of $6.71. The firm has a market cap of $1.62 billion, a PE ratio of -13.03 and a beta of 1.61.

Planet Labs PBC (NYSE:PL) last posted its quarterly earnings data on Wednesday, June 4th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.01. Planet Labs PBC had a negative return on equity of 24.16% and a negative net margin of 48.88%. The firm had revenue of $66.27 million for the quarter, compared to the consensus estimate of $62.25 million. As a group, equities analysts expect that Planet Labs PBC will post -0.37 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on PL shares. Wedbush increased their price objective on Planet Labs PBC from $5.00 to $7.00 and gave the company an “outperform” rating in a research report on Thursday, June 5th. Wall Street Zen upgraded shares of Planet Labs PBC from a “sell” rating to a “hold” rating in a research report on Friday, June 6th. Needham & Company LLC restated a “buy” rating and set a $8.00 price objective on shares of Planet Labs PBC in a report on Thursday, June 5th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $3.50 price objective (down previously from $6.00) on shares of Planet Labs PBC in a research report on Friday, April 11th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $6.30 target price on shares of Planet Labs PBC in a research report on Friday, March 21st. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Planet Labs PBC currently has an average rating of “Moderate Buy” and a consensus target price of $6.38.

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.