Why Planet Labs Stock Surged Almost 7% Higher Today

Planet Labs (NYSE: PL), a company that operates a constellation of satellites observing the Earth, saw its share price defy gravity on Thursday. The stock closed the day nearly 7% higher on news of the company being tapped to participate in a federal government program.That program is being run by the Department of Defense's National Geospatial-Intelligence Agency (NGA). Planet Labs has been selected to participate as a vendor for the Agency's Luno B geospatial intelligence (geoint) initiative, which in the company's words "will enable NGA to lead the geoint enterprise in applying geoint artificial intelligence (AI), while delivering decision advantage to our warfighters, policy makers, and mission partners." The project has a five-year base ordering period with a limit of $200 million. Planet Labs added that its chosen vendors will compete for future delivery orders.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool