Why Planet Labs Stock Is Plummeting Today
Planet Labs (NYSE: PL) stock is getting hit with a big pullback following the company's recent quarterly report. The space-tech specialist's share price was down 18.7% as of 10 a.m. ET. The S 500 was down 1% at the same point in the daily session, and the Nasdaq Composite was down 2.1%.
Planet Labs published its first-quarter results after the market closed yesterday and actually posted sales and earnings that topped Wall Street's forecasts, but space tech stocks are now seeing some bearish reversal on the heels of big gains this year. Investors are also broadly adopting risk-off positioning in response to concerns that the Federal Reserve could raise interest rates this year.
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Source Fool.com
