JPMorgan Chase & Co. Raises 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 Form 13F filing with the Securities and Exchange Commission. The institutional investor 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 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Xponance Inc. increased its position in Planet Labs PBC by 12.0% in the fourth quarter. Xponance Inc. now owns 14,959 shares of the company's stock worth $60,000 after purchasing an additional 1,608 shares during the last quarter. Monterey Private Wealth Inc. bought a new position in Planet Labs PBC in the fourth quarter worth approximately $40,000. SBI Securities Co. Ltd. purchased a new stake in shares of Planet Labs PBC in the 4th quarter worth $42,000. Sciencast Management LP bought a new position in Planet Labs PBC in the fourth quarter worth approximately $43,000. Finally, Swiss National Bank lifted its holdings in Planet Labs PBC by 2.7% during the fourth quarter. Swiss National Bank now owns 401,700 shares of the company's stock worth $1,623,000 after buying an additional 10,700 shares during the period. Institutional investors own 41.71% of the company's stock.

Planet Labs PBC Trading Up 1.1 %

NYSE:PL opened at $3.23 on Friday. The firm has a market cap of $974.76 million, a P/E ratio of -7.87 and a beta of 1.56. The stock has a 50 day moving average of $4.11 and a two-hundred day moving average of $3.83. Planet Labs PBC has a 12 month low of $1.67 and a 12 month high of $6.71.

Planet Labs PBC (NYSE:PL - Get Free Report) last posted its quarterly earnings results on Thursday, March 20th. The company reported ($0.08) earnings per share for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.06). The business had revenue of $61.55 million for the quarter, compared to analyst estimates 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 quarter in the previous year, the firm posted ($0.06) earnings per share. On average, research 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 brokerages have recently issued reports on PL. JMP Securities lifted their price objective on shares of Planet Labs PBC from $4.50 to $6.50 and gave the stock a "market outperform" rating in a research report on Thursday, January 30th. Needham & Company LLC reaffirmed a "buy" rating and issued a $8.00 price objective on shares of Planet Labs PBC in a report on Monday, March 24th. Northland Securities raised their target price on shares of Planet Labs PBC from $5.00 to $7.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. Craig Hallum raised shares of Planet Labs PBC from a "hold" rating to a "buy" rating and set a $7.00 price target on the stock in a report on Thursday, January 30th. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and set a $3.50 price target (down from $6.00) on shares of Planet Labs PBC in a research report on Friday, April 11th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average 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.

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