Mitsubishi UFJ Asset Management Co. Ltd. Buys 375,256 Shares of Planet Labs PBC (NYSE:PL)

Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Planet Labs PBC (NYSE:PL) by 67.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 933,888 shares of the company’s stock after acquiring an additional 375,256 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Planet Labs PBC were worth $3,941,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Planet Labs PBC by 2.6% during the 4th quarter. Vanguard Group Inc. now owns 15,952,394 shares of the company’s stock worth $64,448,000 after acquiring an additional 397,153 shares during the period. Geode Capital Management LLC boosted its position in Planet Labs PBC by 16.5% during the third quarter. Geode Capital Management LLC now owns 4,870,492 shares of the company’s stock worth $10,864,000 after purchasing an additional 689,888 shares during the period. State Street Corp boosted its position in Planet Labs PBC by 5.7% during the third quarter. State Street Corp now owns 4,272,633 shares of the company’s stock worth $9,528,000 after purchasing an additional 230,076 shares during the period. ArrowMark Colorado Holdings LLC increased its stake in shares of Planet Labs PBC by 28.2% in the third quarter. ArrowMark Colorado Holdings LLC now owns 1,817,000 shares of the company’s stock worth $4,052,000 after purchasing an additional 400,000 shares in the last quarter. Finally, Franklin Resources Inc. raised its position in shares of Planet Labs PBC by 4.1% in the third quarter. Franklin Resources Inc. now owns 1,808,487 shares of the company’s stock valued at $4,105,000 after purchasing an additional 71,719 shares during the period. 41.71% of the stock is owned by institutional investors.

Planet Labs PBC Price Performance

Shares of PL opened at $3.41 on Wednesday. Planet Labs PBC has a 1-year low of $1.67 and a 1-year high of $6.71. The company has a market capitalization of $1.01 billion, a P/E ratio of -8.30 and a beta of 1.45. The firm’s 50 day simple moving average is $4.85 and its 200 day simple moving average is $3.75.

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

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $6.30 price objective on shares of Planet Labs PBC in a report on Friday, March 21st. Citigroup lifted 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. Needham & Company LLC restated a “buy” rating and issued a $8.00 target price on shares of Planet Labs PBC in a research note on Monday, March 24th. 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 research report on Thursday, January 30th. Finally, Benchmark raised their price objective on shares of Planet Labs PBC from $4.00 to $7.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Ten equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Planet Labs PBC presently has a consensus rating of “Buy” and a consensus target price of $6.27.

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.