JPMorgan Chase & Co. Boosts Stock Position in Planet Labs PBC (NYSE:PL)

JPMorgan Chase & Co. increased its holdings in shares of Planet Labs PBC (NYSE:PL - Free Report) by 227.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,269,095 shares of the company's stock after purchasing an additional 880,966 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.43% of Planet Labs PBC worth $5,127,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake 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 purchasing an additional 397,153 shares in the last quarter. Geode Capital Management LLC raised its stake in Planet Labs PBC by 16.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,870,492 shares of the company's stock worth $10,864,000 after buying an additional 689,888 shares during the period. State Street Corp raised its stake in Planet Labs PBC by 5.7% during the 3rd quarter. State Street Corp now owns 4,272,633 shares of the company's stock worth $9,528,000 after buying an additional 230,076 shares during the period. Franklin Resources Inc. raised its stake in Planet Labs PBC by 4.1% during the 3rd quarter. Franklin Resources Inc. now owns 1,808,487 shares of the company's stock worth $4,105,000 after buying an additional 71,719 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in Planet Labs PBC by 2.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,770,146 shares of the company's stock worth $7,151,000 after buying an additional 37,600 shares during the period. Institutional investors and hedge funds own 41.71% of the company's stock.

Planet Labs PBC Trading Up 6.3 %

PL traded up $0.20 during trading hours on Thursday, hitting $3.31. The company's stock had a trading volume of 1,303,487 shares, compared to its average volume of 3,516,657. The business's 50-day moving average price is $3.92 and its 200-day moving average price is $3.85. Planet Labs PBC has a 12 month low of $1.67 and a 12 month high of $6.71. The stock has a market cap of $998.94 million, a price-to-earnings ratio of -8.04 and a beta of 1.56.

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

Analysts Set New Price Targets

A number of analysts have commented on PL shares. Needham & Company LLC reissued a "buy" rating and set a $8.00 price objective on shares of Planet Labs PBC in a report on Monday, March 24th. Craig Hallum upgraded Planet Labs PBC from a "hold" rating to a "buy" rating and set a $7.00 target price for the company in a research note on Thursday, January 30th. Benchmark raised their price objective on Planet Labs PBC from $4.00 to $7.00 and gave the company a "buy" rating in a report on Wednesday, February 5th. Cantor Fitzgerald reissued an "overweight" rating and set a $6.30 price objective on shares of Planet Labs PBC in a report on Friday, March 21st. Finally, JMP Securities raised their price objective 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. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $5.98.

Planet Labs PBC Company 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.