XTX Topco Ltd Acquires More Shares of Planet Labs PBC (NYSE:PL)

On December 17, 2024, reports indicate that XTX Topco Ltd significantly increased its investment in Planet Labs PBC (NYSE:PL). The firm raised its stake in the company by 56.8% during the third quarter of the year, now holding a total of 169,205 shares. This latest acquisition involved purchasing an additional 61,274 shares, raising the value of XTX Topco Ltd’s investment in Planet Labs to approximately $377,000 according to their recent SEC filing.

In addition to XTX Topco Ltd’s increased holdings, several other hedge funds have also made moves regarding Planet Labs PBC. For instance, Jacobs Levy Equity Management Inc. raised its stake by an impressive 119.8% in the same quarter, obtaining a total of 895,109 shares, worth about $1,996,000 after acquiring an extra 487,958 shares. Similarly, ArrowMark Colorado Holdings LLC increased its position by 28.2%, now owning 1,817,000 shares valued at $4,052,000 after purchasing an additional 400,000 shares. Other contributors included IQ EQ FUND MANAGEMENT IRELAND Ltd, which entered a new position valued at $632,000, and State Street Corp, which boosted its stake by 5.7% to a total of 4,272,633 shares worth $9,528,000. Furthermore, Renaissance Technologies LLC increased its position by 52.2%, acquiring an additional 206,000 shares during the last quarter.

Market Performance of Planet Labs PBC

As of the last trading day, Planet Labs PBC’s stock opened at $4.33. The company's market capitalization stands at approximately $1.28 billion, with a price-to-earnings ratio recorded at -10.55 and a beta of 1.34. In the past year, shares of Planet Labs reached a low of $1.67 and a high of $4.99. The stock has a fifty-day moving average price of $3.00 and a two-hundred-day moving average price of $2.45.

Analysts' Perspectives on Planet Labs PBC

Recent analyses of Planet Labs PBC shares have yielded various price target adjustments. Citigroup raised its price target from $4.05 to $5.00, endorsing a ‘buy’ rating. JMP Securities reaffirmed a ‘market outperform’ rating with a new target price set at $4.50, up from $4.00. Additionally, Needham & Company LLC maintained a ‘buy’ rating with their price target also reaching $5.00. Conversely, The Goldman Sachs Group adjusted its price objective downward from $3.50 to $3.10 but still rates the stock as a ‘buy’. Finally, Craig Hallum modified its target price from $2.50 to $3.50, suggesting a ‘hold’ rating. Overall, one analyst maintains a ‘hold’ rating while six others advocate for buying the stock, resulting in an average rating of “Moderate Buy” with a consensus price target of $4.30.

Overview of Planet Labs PBC

Planet Labs PBC specializes in the design and construction of satellite constellations aimed at providing high-frequency geospatial data. Customers can access these data via an online platform that offers a variety of services including planet monitoring, basemaps, custom tasks, application programming interfaces, and analytics.

Conclusion

The recent activities of XTX Topco Ltd and other institutional investors indicate a growing interest in Planet Labs PBC within the financial market. The performance outlook for the company looks promising, as suggested by analysts' ratings and increasing investments from hedge funds.

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