Pictet Asset Management Holding SA Raises Stake in Planet Labs PBC (NYSE:PL)

Pictet Asset Management Holding SA raised its position in Planet Labs PBC (NYSE:PL) by 82.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 37,337 shares of the company’s stock after purchasing an additional 16,824 shares during the period. Pictet Asset Management Holding SA’s holdings in Planet Labs PBC were worth $151,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the company. JPMorgan Chase & Co. increased its holdings in Planet Labs PBC by 227.0% in the fourth quarter. JPMorgan Chase & Co. now owns 1,269,095 shares of the company’s stock valued at $5,127,000 after buying an additional 880,966 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Planet Labs PBC by 67.2% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 933,888 shares of the company’s stock worth $3,941,000 after buying an additional 375,256 shares during the last quarter. EntryPoint Capital LLC acquired a new position in shares of Planet Labs PBC during the 4th quarter worth about $96,000. Vanguard Group Inc. increased its holdings in shares of Planet Labs PBC by 2.6% in the 4th quarter. Vanguard Group Inc. now owns 15,952,394 shares of the company’s stock valued at $64,448,000 after acquiring an additional 397,153 shares during the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Planet Labs PBC during the 4th quarter worth about $141,000. 41.71% of the stock is owned by hedge funds and other institutional investors.

Planet Labs PBC Trading Down 5.8 %

Shares of PL stock opened at $3.17 on Friday. The company has a market capitalization of $956.62 million, a P/E ratio of -7.72 and a beta of 1.56. The business’s 50 day moving average is $4.41 and its two-hundred day moving average is $3.81. Planet Labs PBC has a twelve month low of $1.67 and a twelve month high of $6.71.

Planet Labs PBC (NYSE:PL) last announced its quarterly earnings data on Thursday, March 20th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.06). Planet Labs PBC had a negative net margin of 48.88% and a negative return on equity of 24.16%. The firm had revenue of $61.55 million during the quarter, compared to analyst estimates of $61.89 million. During the same period in the prior year, the firm posted ($0.06) earnings per share. As a group, equities analysts predict that Planet Labs PBC will post -0.37 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on PL shares. JMP Securities upped their price target on Planet Labs PBC from $4.50 to $6.50 and gave the company a “market outperform” rating in a report on Thursday, January 30th. The Goldman Sachs Group restated a “neutral” rating and issued a $3.50 target price (down previously from $6.00) on shares of Planet Labs PBC in a report on Friday. Northland Securities lifted their price target on shares of Planet Labs PBC from $5.00 to $7.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Cantor Fitzgerald reissued an “overweight” rating and issued a $6.30 price target on shares of Planet Labs PBC in a research report on Friday, March 21st. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Planet Labs PBC from $4.00 to $4.50 and gave the stock a “buy” rating in a report on Tuesday, December 17th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $5.98.

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.