Why Planet Labs Stock Is Soaring Today
Shares of Planet Labs (NYSE: PL) have been making big gains in Thursday's daily trading session upon the disclosure of a substantial new insider stock purchase. The satellite imaging company's share price was up roughly 12.5% as of 2:30 p.m. ET, according to data from S&P Global Market Intelligence.
Planet Labs filed a disclosure with the Securities and Exchange Commission (SEC) on April 5, revealing that its president of product and business Kevin Weil had purchased nearly $1 million in company stock. The filing showed that the executive bought 274,000 shares at $3.64 per share, and news of the substantial purchase appears to be spurring bullish momentum for the satellite technology company in today's trading.
Image source: Getty Images.
Source Fool.com
