Planet Labs PBC (NYSE:PL) Shares Bought by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Planet Labs PBC (NYSE:PL - Free Report) by 41.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,323,263 shares of the company's stock after buying an additional 389,375 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.44% of Planet Labs PBC worth $4,473,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of PL. Sterling Capital Management LLC increased its position in shares of Planet Labs PBC by 790.6% in the fourth quarter. Sterling Capital Management LLC now owns 6,840 shares of the company's stock worth $28,000 after acquiring an additional 6,072 shares in the last quarter. Forum Financial Management LP acquired a new stake in shares of Planet Labs PBC in the first quarter worth $39,000. Wellington Shields & Co. LLC acquired a new stake in shares of Planet Labs PBC in the first quarter worth $39,000. Mackenzie Financial Corp increased its position in shares of Planet Labs PBC by 32.1% in the first quarter. Mackenzie Financial Corp now owns 13,364 shares of the company's stock worth $45,000 after acquiring an additional 3,245 shares in the last quarter. Finally, Cetera Investment Advisers acquired a new stake in shares of Planet Labs PBC in the fourth quarter worth $46,000. Institutional investors and hedge funds own 41.71% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on PL. Needham & Company LLC reissued a "buy" rating and issued a $8.00 price objective on shares of Planet Labs PBC in a research report on Thursday, June 5th. The Goldman Sachs Group initiated coverage on shares of Planet Labs PBC in a research note on Monday, June 30th. They issued a "neutral" rating and a $4.60 target price for the company. JMP Securities upped their target price on shares of Planet Labs PBC from $6.50 to $8.00 and gave the company a "market outperform" rating in a research note on Tuesday, July 22nd. Wedbush upped their target price on shares of Planet Labs PBC from $5.00 to $7.00 and gave the company an "outperform" rating in a research note on Thursday, June 5th. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $8.50 target price (up from $6.30) on shares of Planet Labs PBC in a research note on Tuesday, June 24th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $6.86.

Planet Labs PBC Trading Down 0.4%

NYSE PL traded down $0.03 during trading hours on Friday, reaching $6.79. 5,261,134 shares of the company traded hands, compared to its average volume of 6,753,416. Planet Labs PBC has a 12 month low of $1.76 and a 12 month high of $7.72. The stock has a market capitalization of $2.06 billion, a PE ratio of -18.86 and a beta of 1.80. The company has a 50 day moving average of $6.19 and a two-hundred day moving average of $4.88.

Planet Labs PBC (NYSE:PL - Get Free Report) last posted its quarterly earnings data on Wednesday, June 4th. The company reported ($0.04) EPS for the quarter, beating analysts' consensus estimates of ($0.05) by $0.01. Planet Labs PBC had a negative net margin of 42.58% and a negative return on equity of 23.36%. The firm had revenue of $66.27 million for the quarter, compared to the consensus estimate of $62.25 million. On average, equities research analysts anticipate that Planet Labs PBC will post -0.37 earnings per share for the current year.

Planet Labs PBC Profile

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.