Why Planet Labs Stock Was Up 8% Today
Planet Labs (NYSE: PL) operates the largest constellation of Earth observation satellites in the world. On Thursday, it's also looking like one of the biggest gainers among space stocks, gaining 8.6% through 11:30 a.m. ET.
That's curious, because the latest bit of news out of Planet Labs initially received the opposite reaction from investors. When the company announced yesterday that it had won a "six-figure deal" to help Global Fishing Watch "map small vessel activity across millions of square kilometers of the ocean" to keep better track of global fishing trends, investors sold off Planet Labs stock by about 1.3%.
Were investors right to sell Planet Labs stock yesterday, or are they right to be buying it back (and buying rather heavily) today? My hunch is the former.
Source Fool.com
