Connor Clark & Lunn Investment Management Ltd. Buys 1,743,474 Shares of Planet Labs PBC $PL

Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Planet Labs PBC (NYSE:PL) by 245.7% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 2,453,131 shares of the company’s stock after buying an additional 1,743,474 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Planet Labs PBC were worth $14,964,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in PL. May Hill Capital LLC bought a new stake in shares of Planet Labs PBC in the 2nd quarter worth about $62,000. Iron Gate Global Advisors LLC purchased a new stake in Planet Labs PBC in the 1st quarter worth about $36,000. HighTower Advisors LLC bought a new stake in Planet Labs PBC in the first quarter worth about $37,000. Los Angeles Capital Management LLC bought a new stake in Planet Labs PBC in the second quarter worth about $68,000. Finally, Forum Financial Management LP purchased a new position in shares of Planet Labs PBC during the first quarter valued at approximately $39,000. Hedge funds and other institutional investors own 41.71% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PL. Needham & Company LLC increased their price target on Planet Labs PBC from $12.00 to $16.00 and gave the stock a “buy” rating in a report on Monday, October 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Planet Labs PBC in a research note on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft lifted their target price on Planet Labs PBC from $10.00 to $16.00 and gave the stock a “buy” rating in a research report on Tuesday, October 21st. Citigroup restated an “outperform” rating on shares of Planet Labs PBC in a report on Tuesday, September 9th. Finally, Cantor Fitzgerald raised their price target on shares of Planet Labs PBC from $8.50 to $20.00 and gave the stock an “overweight” rating in a research note on Friday, October 17th. Eight equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.26.

Planet Labs PBC Trading Up 4.7%

PL opened at $13.41 on Tuesday. Planet Labs PBC has a 12-month low of $2.46 and a 12-month high of $16.78. The business’s fifty day simple moving average is $12.21 and its 200-day simple moving average is $7.85. The company has a market capitalization of $4.13 billion, a price-to-earnings ratio of -44.70 and a beta of 1.99.

Planet Labs PBC (NYSE:PL) last released its quarterly earnings data on Monday, September 8th. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.03). Planet Labs PBC had a negative net margin of 34.46% and a negative return on equity of 20.25%. The firm had revenue of $73.39 million during the quarter, compared to the consensus estimate of $65.88 million. During the same quarter in the previous year, the firm earned ($0.06) earnings per share. The business’s revenue was up 20.1% compared to the same quarter last year. Planet Labs PBC has set its FY 2026 guidance at EPS. Q3 2026 guidance at EPS. On average, equities research analysts predict that Planet Labs PBC will post -0.37 EPS for the current year.

Insider Activity at Planet Labs PBC

In other news, insider Robert H. Schingler sold 81,656 shares of the company’s stock in a transaction that occurred on Monday, October 13th. The shares were sold at an average price of $15.50, for a total value of $1,265,668.00. Following the completion of the sale, the insider owned 1,288,843 shares of the company’s stock, valued at approximately $19,977,066.50. This represents a 5.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 17.53% of the company’s stock.

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.