Why Planet Stock Popped 13.5% Today
Recently IPO'ed Earth-imaging satellite company Planet Labs PBC (NYSE: PL) had a terrible fall last week. Despite reporting sales in line with expectations, the company's gross profit margins on those sales appeared to fall short, and guidance wasn't strong enough to offset the damage.
Planet Labs stock plunged 22.1% in a single day, and has drifted lower since. Today, however, shares are taking a turn for the better, and were up 13.5% as of noon ET. The hike could be a response to reports the company's CEO has spent just under $125,000 on Planet Labs stock.
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Source Fool.com
