Mitsubishi UFJ Asset Management Co. Ltd. Has $12.82 Million Stock Position in Planet Labs PBC $PL

Key Points

• Mitsubishi UFJ Asset Management cut its Planet Labs PBC stake by 45.4% in the fourth quarter, but still held 627,902 shares worth about $12.82 million.
• Several other institutional investors also adjusted their positions, and institutional ownership remains high at 41.71% of the stock.
• Insiders sold shares recently, including Robert H. Schingler and CFO Ashley F. Johnson, while analysts currently rate Planet Labs about Hold on average with a $29.94 target price.

Mitsubishi UFJ Asset Management Co. Ltd. reduced its position in shares of Planet Labs PBC (NYSE:PL - Free Report) by 45.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 627,902 shares of the company's stock after selling 521,645 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.20% of Planet Labs PBC worth $12,815,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. SBI Securities Co. Ltd. grew its position in shares of Planet Labs PBC by 55.3% during the 4th quarter. SBI Securities Co. Ltd. now owns 39,338 shares of the company's stock worth $776,000 after buying an additional 14,011 shares during the period. North Star Investment Management Corp. lifted its holdings in Planet Labs PBC by 1,111.1% in the fourth quarter. North Star Investment Management Corp. now owns 2,180 shares of the company's stock valued at $43,000 after buying an additional 2,000 shares during the period. State of New Jersey Common Pension Fund D acquired a new position in Planet Labs PBC in the fourth quarter valued at approximately $3,715,000. Wealthfront Advisers LLC boosted its stake in Planet Labs PBC by 5.4% in the fourth quarter. Wealthfront Advisers LLC now owns 12,715 shares of the company's stock valued at $251,000 after acquiring an additional 657 shares during the last quarter. Finally, Pictet Asset Management Holding SA boosted its stake in Planet Labs PBC by 2.1% in the fourth quarter. Pictet Asset Management Holding SA now owns 33,090 shares of the company's stock valued at $653,000 after acquiring an additional 690 shares during the last quarter. 41.71% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Planet Labs PBC news, insider Robert H. Schingler sold 73,683 shares of Planet Labs PBC stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $35.07, for a total transaction of $2,584,062.81. Following the transaction, the insider directly owned 256,488 shares in the company, valued at approximately $8,995,034.16. The trade was a 22.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ashley F. Johnson sold 200,000 shares of the business's stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $35.10, for a total value of $7,020,000.00. Following the completion of the transaction, the chief financial officer directly owned 1,895,162 shares of the company's stock, valued at approximately $66,520,186.20. The trade was a 9.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 17.53% of the stock is owned by corporate insiders.

Planet Labs PBC Stock Up 0.2%

Shares of NYSE:PL opened at $39.10 on Monday. The company has a 50 day moving average price of $31.74 and a two-hundred day moving average price of $23.16. The company has a debt-to-equity ratio of 2.37, a quick ratio of 1.64 and a current ratio of 1.65. The company has a market capitalization of $13.53 billion, a PE ratio of -50.13 and a beta of 1.91. Planet Labs PBC has a 52 week low of $3.47 and a 52 week high of $41.71.

Analyst Ratings Changes

PL has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft set a $38.00 target price on shares of Planet Labs PBC and gave the company a "buy" rating in a research report on Friday, March 27th. Morgan Stanley raised their price target on Planet Labs PBC from $26.00 to $35.00 and gave the stock an "equal weight" rating in a research report on Wednesday, March 25th. Weiss Ratings cut Planet Labs PBC from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Monday, May 4th. Cantor Fitzgerald upped their price objective on Planet Labs PBC from $20.00 to $40.00 and gave the company an "overweight" rating in a report on Friday, March 20th. Finally, The Goldman Sachs Group increased their target price on Planet Labs PBC from $18.00 to $20.00 and gave the company a "neutral" rating in a research note on Monday, April 20th. Six research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Planet Labs PBC has an average rating of "Hold" and an average target price of $29.94.

Planet Labs PBC Company Profile

Planet Labs PBC is a public benefit corporation that operates one of the largest fleets of Earth-imaging satellites, providing high-frequency, high-resolution imagery and data analytics to a broad range of industries. The company's multi-spectral satellite constellation captures daily snapshots of the planet, enabling clients to monitor changes in agriculture, forestry, urban development, energy infrastructure and environmental conditions. Planet's imagery platform is designed to support timely decision-making by transforming raw satellite data into actionable insights for business and government users.

Founded in 2010 by former NASA scientists Will Marshall, Robbie Schingler and Chris Boshuizen, Planet Labs grew from a small startup into a key provider in the satellite imaging sector.

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