Mitsubishi UFJ Asset Management Co. Ltd. Sells 521,645 Shares of Planet Labs PBC $PL

Mitsubishi UFJ Asset Management Co. Ltd. lessened its stake in Planet Labs PBC (NYSE:PL) by 45.4% in the 4th quarter, Holdings Channel reports. The institutional investor owned 627,902 shares of the company’s stock after selling 521,645 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Planet Labs PBC were worth $12,815,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Wealthfront Advisers LLC lifted its position in Planet Labs PBC by 5.4% in the 4th quarter. Wealthfront Advisers LLC now owns 12,715 shares of the company’s stock valued at $251,000 after acquiring an additional 657 shares in the last quarter. Pictet Asset Management Holding SA increased its holdings in Planet Labs PBC by 2.1% during the 4th quarter. Pictet Asset Management Holding SA now owns 33,090 shares of the company’s stock worth $653,000 after purchasing an additional 690 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Planet Labs PBC by 2.6% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 31,264 shares of the company’s stock worth $406,000 after purchasing an additional 781 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of Planet Labs PBC by 3.6% in the 3rd quarter. Victory Capital Management Inc. now owns 25,855 shares of the company’s stock valued at $336,000 after purchasing an additional 896 shares during the period. Finally, Ariadne Wealth Management LP lifted its holdings in shares of Planet Labs PBC by 8.8% in the third quarter. Ariadne Wealth Management LP now owns 11,202 shares of the company’s stock valued at $145,000 after purchasing an additional 905 shares in the last quarter. Institutional investors own 41.71% of the company’s stock.

Planet Labs PBC Price Performance

Shares of NYSE PL opened at $39.10 on Monday. 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 business has a 50-day moving average of $31.74 and a 200-day moving average of $23.16. The stock has a market capitalization of $13.53 billion, a price-to-earnings ratio of -50.13 and a beta of 1.91. Planet Labs PBC has a fifty-two week low of $3.47 and a fifty-two week high of $41.71.

Insider Activity at Planet Labs PBC

In other Planet Labs PBC news, insider Robert H. Schingler sold 73,683 shares of the business’s stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $35.07, for a total transaction of $2,584,062.81. Following the transaction, the insider owned 256,488 shares of the company’s stock, valued at $8,995,034.16. The trade was a 22.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ashley F. Johnson sold 200,000 shares of the company’s stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $35.10, for a total value of $7,020,000.00. Following the sale, the chief financial officer owned 1,895,162 shares in the company, valued at approximately $66,520,186.20. This represents a 9.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 17.53% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft set a $38.00 price objective on Planet Labs PBC and gave the stock a “buy” rating in a research report on Friday, March 27th. Morgan Stanley boosted their target price on Planet Labs PBC from $26.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, March 25th. Zacks Research raised Planet Labs PBC from a “strong sell” rating to a “hold” rating in a research report on Friday, February 13th. Weiss Ratings cut shares of Planet Labs PBC from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, May 4th. Finally, Wedbush lifted their price objective on shares of Planet Labs PBC from $30.00 to $40.00 and gave the company an “outperform” rating in a report on Friday, March 20th. Six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $29.94.

About Planet Labs PBC

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.