Pictet Asset Management Holding SA Boosts Position in Planet Labs PBC (NYSE:PL)

Pictet Asset Management Holding SA grew its holdings in Planet Labs PBC (NYSE:PL) by 82.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 37,337 shares of the company’s stock after acquiring an additional 16,824 shares during the period. Pictet Asset Management Holding SA’s holdings in Planet Labs PBC were worth $151,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. JPMorgan Chase & Co. lifted its holdings in Planet Labs PBC by 227.0% in the fourth quarter. JPMorgan Chase & Co. now owns 1,269,095 shares of the company’s stock valued at $5,127,000 after acquiring an additional 880,966 shares during the period. Geode Capital Management LLC lifted its stake in shares of Planet Labs PBC by 16.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,870,492 shares of the company’s stock valued at $10,864,000 after purchasing an additional 689,888 shares during the period. Raymond James Financial Inc. purchased a new stake in Planet Labs PBC during the fourth quarter worth $1,648,000. Vanguard Group Inc. grew its position in Planet Labs PBC by 2.6% during the fourth quarter. Vanguard Group Inc. now owns 15,952,394 shares of the company’s stock valued at $64,448,000 after buying an additional 397,153 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Planet Labs PBC by 67.2% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 933,888 shares of the company’s stock worth $3,941,000 after acquiring an additional 375,256 shares during the period. Institutional investors and hedge funds own 41.71% of the company’s stock.

Planet Labs PBC Price Performance

NYSE PL opened at $3.17 on Friday. The company has a market cap of $956.62 million, a P/E ratio of -7.72 and a beta of 1.56. The stock has a 50-day moving average of $4.41 and a two-hundred day moving average of $3.81. Planet Labs PBC has a 1-year low of $1.67 and a 1-year high of $6.71.

Planet Labs PBC (NYSE:PL) last released its earnings results on Thursday, March 20th. The company reported ($0.08) earnings per share (EPS) 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 last year, the company earned ($0.06) earnings per share. On average, analysts anticipate that Planet Labs PBC will post -0.37 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on PL shares. JMP Securities lifted their price target on Planet Labs PBC from $4.50 to $6.50 and gave the company a “market outperform” rating in a research note on Thursday, January 30th. Craig Hallum upgraded Planet Labs PBC from a “hold” rating to a “buy” rating and set a $7.00 target price on the stock in a research report on Thursday, January 30th. Cantor Fitzgerald reissued an “overweight” rating and issued a $6.30 price target on shares of Planet Labs PBC in a report on Friday, March 21st. Benchmark increased their price objective on shares of Planet Labs PBC from $4.00 to $7.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. Finally, Citigroup boosted their target price on shares of Planet Labs PBC from $4.05 to $5.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target 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.