JPMorgan Chase & Co. Decreases Stock Holdings in Planet Labs PBC $PL

JPMorgan Chase & Co. reduced its stake in shares of Planet Labs PBC (NYSE:PL) by 8.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 291,658 shares of the company’s stock after selling 26,162 shares during the quarter. JPMorgan Chase & Co. owned 0.09% of Planet Labs PBC worth $3,786,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. MCF Advisors LLC purchased a new stake in shares of Planet Labs PBC during the 3rd quarter worth approximately $32,000. Larson Financial Group LLC purchased a new position in Planet Labs PBC in the 3rd quarter valued at approximately $39,000. Jones Financial Companies Lllp raised its holdings in Planet Labs PBC by 59.3% during the third quarter. Jones Financial Companies Lllp now owns 3,591 shares of the company’s stock worth $44,000 after purchasing an additional 1,337 shares during the last quarter. Advisory Services Network LLC acquired a new position in Planet Labs PBC during the third quarter worth $56,000. Finally, Wexford Capital LP purchased a new stake in Planet Labs PBC during the third quarter worth $63,000. 41.71% of the stock is currently owned by institutional investors and hedge funds.

Planet Labs PBC Stock Performance

Shares of NYSE PL opened at $35.84 on Friday. The company has a market cap of $12.41 billion, a PE ratio of -45.95 and a beta of 1.83. Planet Labs PBC has a 12 month low of $2.79 and a 12 month high of $37.05. The company has a debt-to-equity ratio of 2.37, a current ratio of 1.65 and a quick ratio of 1.64. The company has a 50-day simple moving average of $26.21 and a 200-day simple moving average of $19.50.

Planet Labs PBC (NYSE:PL) last posted its quarterly earnings data on Thursday, March 19th. The company reported ($0.48) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.43). Planet Labs PBC had a negative net margin of 80.22% and a negative return on equity of 69.61%. The firm had revenue of $86.82 million during the quarter, compared to analyst estimates of $78.17 million. Planet Labs PBC’s revenue was up 41.1% compared to the same quarter last year. On average, equities analysts anticipate that Planet Labs PBC will post -0.37 earnings per share for the current year.

Insider Buying and Selling at Planet Labs PBC

In other Planet Labs PBC news, Director Vijaya Gadde sold 20,000 shares of the business’s stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $26.77, for a total value of $535,400.00. Following the completion of the transaction, the director directly owned 250,169 shares in the company, valued at approximately $6,697,024.13. The trade was a 7.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kristen Robinson sold 47,835 shares of the stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $26.96, for a total value of $1,289,631.60. Following the transaction, the director directly owned 222,897 shares in the company, valued at approximately $6,009,303.12. This represents a 17.67% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 218,566 shares of company stock worth $5,896,276. Insiders own 17.53% of the company’s stock.

Analysts Set New Price Targets

PL has been the topic of several research reports. Northland Securities set a $28.00 target price on Planet Labs PBC in a report on Tuesday, January 13th. Needham & Company LLC boosted their price objective on shares of Planet Labs PBC to $40.00 and gave the stock a “buy” rating in a research report on Friday, March 20th. Zacks Research raised shares of Planet Labs PBC from a “strong sell” rating to a “hold” rating in a research note on Friday, February 13th. Craig Hallum restated a “buy” rating and set a $30.00 target price on shares of Planet Labs PBC in a report on Tuesday, January 13th. Finally, Citigroup lifted their target price on shares of Planet Labs PBC from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday. Six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Planet Labs PBC presently has a consensus rating of “Hold” and an average target price of $27.70.

Planet Labs PBC Profile

Planet Labs PBC is a public benefit corporation that operates one of the largest fleets of Earth-imaging satellites, providing high-frequency, high-resolution imagery and data analytics to a broad range of industries. The company’s multi-spectral satellite constellation captures daily snapshots of the planet, enabling clients to monitor changes in agriculture, forestry, urban development, energy infrastructure and environmental conditions. Planet’s imagery platform is designed to support timely decision-making by transforming raw satellite data into actionable insights for business and government users.

Founded in 2010 by former NASA scientists Will Marshall, Robbie Schingler and Chris Boshuizen, Planet Labs grew from a small startup into a key provider in the satellite imaging sector.