Why Planet Labs Stock Was Aggressively Defying Gravity This Week

The stock of satellite company Planet Labs (NYSE: PL) was floating higher at double-digit rates over the past few trading sessions. All told, according to data compiled by S&P Global Market Intelligence, its shares were gaining 13% in price as of early Friday morning, on a week-to-date basis. News of two business deals announced within the space of a week were a prime source of optimism on the company.Planet Labs concentrates on the provision of data and insights it gleans from its network of satellites circling the Earth. The second of its two new arrangements was announced on Wednesday; this will see the company provide data about oceans to Global Fishing Watch, a non-profit organization that monitors human activity at sea. This wasn't a major deal, as its value is in the six-figure dollar range (Planet Labs did not get more specific). Yet it came on the heels of another tie-up, indicating that management is at least pounding the pavement to drum up some business.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool