Planet Labs Stock (PL): Why The Price Went Up Today

By Amit Chowdhry ● Jan 14, 2022
  • The stock price of Planet Labs PBC (NYSE: PL) increased by over 15% during intraday trading today. This is why it happened.

The stock price of Planet Labs PBC (NYSE: PL) – a leading provider of daily data and insights about Earth – increased by over 15% during intraday trading today. Investors responded positively to Planet Labs announcing the successful launch of its 4x Flock, consisting of 44 SuperDove satellites, into orbit on a SpaceX Falcon 9 rocket.

The company had established contact with all of the SuperDove satellites, many within 2 minutes of the final deployment, upholding Planet’s record of successfully connecting with 100% of all Planet satellites launched. And these 44 satellites will join Planet’s existing fleet of roughly 200 satellites in orbit.

Planet also launched 127 satellites across eight launches with SpaceX and over 500 satellites total since the company’s founding 10 years ago. This marks Planet’s first launch with SpaceX under their new multi-year and multi-launch rideshare agreement signed in 2021.

Planet’s constellations provide daily insights into the Earth’s resources and global events. And with the latest addition of 44 SuperDove satellites, the company’s PlanetScope product will continue to offer customers satellite data captured from the latest and strongest technology. Planet utilizes just-in-time manufacturing to ensure it can continually innovate the technology onboard its spacecraft before shipment to the launch site.

Planet had built and launched the largest fleet of Earth observation satellites in history. And its fleet of both medium- and high-resolution satellites has collected an unprecedented amount of earth observation data over the last 10 years, creating a deep stack of 1,700 images on average for every spot on the Earth’s landmass. This enables Planet’s customers to not only get the most up-to-date image of their preferred area of interest but also gives them an extensive set of training data to build artificial intelligence models on.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.