Why Planet Labs Stock Zoomed Higher in May
Shares of Planet Labs (NYSE: PL) zoomed 38.3% higher in May, according to data from S&P Global Market Intelligence. Investors were anticipating further growth in its upcoming June earnings report while benefiting from the broader tailwind in the space economy stocks in the month. Hitting an all-time high in May, the satellite imaging provider is now up an astonishing 991% in the last year alone.
Here's why shares were rising in May, and whether the stock is a buy after its early June earnings report.
Planet Labs has built a constellation of satellites that takes high-resolution images from orbit. These consistent imaging services can be used by scientists, governments, and businesses to track progress or get immediate feedback on a changing environment in vital locations around the globe, from commercial ports to military bases.
Source Fool.com
