Why Planet Labs Soared Today
Shares of Planet Labs (NYSE: PL) climbed on Thursday, closing up 11.2% as of the 1 p.m. ET early market close for the Fourth of July holiday. The rise comes as the S 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) gained 0.8% and 1%, respectively.
Planet Labs, a satellite imaging company, signed a major deal earlier this week that is continuing to boost shares.
The company announced on Tuesday that it has signed a deal with the German government to provide satellite imagery and geospatial data "in support of European peace and security." The multiyear, 240 million euro agreement also includes artificial intelligence (AI)-powered intelligence from the imagery and data Planet Labs provides.
Source Fool.com
