Why Planet Labs Stock Went to the Moon Today

Rich Smith, The Motley Fool
·2 min read
Why Planet Labs Stock Went to the Moon Today

Shares of Planet Labs (NYSE: PL), the tiny space company that's built the world's largest constellation of Earth observation satellites, rocketed to the moon Wednesday morning, shooting 14.2% higher (as of 11:55 a.m. ET) after announcing that it has landed a contract with America's National Reconnaissance Office -- the NRO, the nation's spy satellite factory. The NRO awarded Planet's subsidiary Planet Labs Federal a potential 10-year electro-optical commercial layer (EOCL) contract to supply unclassified medium-resolution and high-resolution commercial satellite imagery to the government. While Planet didn't emphasize this point in its press release, NRO actually awarded EOCL contracts to two other satellite imaging companies as well -- fellow start-up BlackSky (NYSE: BKSY), which operates a 14-satellite constellation, and shares of which have literally doubled on the news (to about $2.24 a share); and more established Earth imaging specialist Maxar Technologies (NYSE: MAXR), shares of which are up 16.1%.

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