Daiwa Securities Group Inc. Decreases Stock Position in Planet Labs PBC (NYSE:PL)

Daiwa Securities Group Inc. cut its holdings in Planet Labs PBC (NYSE:PL) by 17.4% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,009 shares of the company’s stock after selling 3,592 shares during the period. Daiwa Securities Group Inc.’s holdings in Planet Labs PBC were worth $69,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in PL. ArrowMark Colorado Holdings LLC lifted its holdings in Planet Labs PBC by 28.2% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 1,817,000 shares of the company’s stock valued at $4,052,000 after purchasing an additional 400,000 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Planet Labs PBC by 90.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 388,129 shares of the company’s stock valued at $866,000 after purchasing an additional 184,111 shares in the last quarter. Aspiring Ventures LLC purchased a new position in Planet Labs PBC in the 4th quarter valued at about $849,000. Barclays PLC lifted its holdings in Planet Labs PBC by 25.0% in the 3rd quarter. Barclays PLC now owns 326,147 shares of the company’s stock valued at $728,000 after purchasing an additional 65,181 shares in the last quarter. Finally, State Street Corp lifted its holdings in Planet Labs PBC by 5.7% in the 3rd quarter. State Street Corp now owns 4,272,633 shares of the company’s stock valued at $9,528,000 after purchasing an additional 230,076 shares in the last quarter. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

Planet Labs PBC Stock Performance

PL opened at $4.18 on Tuesday. The firm has a 50 day moving average price of $4.87 and a 200 day moving average price of $3.62. The company has a market cap of $1.24 billion, a PE ratio of -10.18 and a beta of 1.45. Planet Labs PBC has a 1 year low of $1.67 and a 1 year high of $6.71.

Analyst Ratings Changes

A number of research firms have issued reports on PL. JMP Securities upped their target price on shares of Planet Labs PBC from $4.50 to $6.50 and gave the company a “market outperform” rating in a report on Thursday, January 30th. Benchmark increased their price objective on shares of Planet Labs PBC from $4.00 to $7.00 and gave the stock a “buy” rating in a report on Wednesday, February 5th. Cantor Fitzgerald began coverage on shares of Planet Labs PBC in a report on Friday, January 24th. They set an “overweight” rating and a $6.30 price objective on the stock. Northland Securities increased their price objective 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. Finally, Citigroup increased their price objective on shares of Planet Labs PBC from $4.05 to $5.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target 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.