Why Planet Labs Is Skyrocketing Today
Shares of Planet Labs (NYSE: PL) were flying higher on Thursday. The company's stock gained 5.9% as of 2 p.m. ET and was up as much as 12.6% earlier in the day. The leg up comes as the S 500 gained 0.4% and the Nasdaq composite was flat.
Yesterday, Planet Labs announced a key new deal with an as yet unnamed "Asia-Pacific commercial partner."
Planet Labs signed a $230 million deal to develop and manage a new fleet of its high-resolution Pelican satellites. The company will reserve a certain portion of the network's capacity for the partner but will have additional capacity to serve its other clients. So in addition to a $230 million payday, Planet Labs can leverage its expanded fleet for additional revenue.
Source Fool.com
