Why Planet Labs Stock Soared 24.5% This Week
Shares of Planet Labs (NYSE: PL) jumped 24.5% this week -- as of this writing before the market open on Friday, Jan. 16 -- according to data from S&P Global Market Intelligence. Planet Labs operates a satellite constellation that sells imaging services to governments and commercial enterprises, and it has just won another deal with Sweden. Plus, a Wall Street analyst upgraded the stock.
Planet Labs' stock is up over 600% in the past year. Here's why the stock is up yet again this week.
Satellite imaging services are a growing trend for both military and commercial use cases. Planet Labs has a satellite constellation custom-built to serve these needs, performing daily global high-resolution imaging from space to monitor assets such as ports, infrastructure, and military bases.
Source Fool.com
