Stock Track | Planet Labs Soars as NASA Contract Fuels Growth Prospects

Stock Track09-10

Shares of Planet Labs PBC (NYSE: PL), a leading provider of daily satellite imagery and geospatial solutions, surged 12.64% in midday trading on September 9, 2024. The stock rally was driven by the company's announcement that its Planet Federal subsidiary has been selected for NASA's Commercial SmallSat Data Acquisition (CSDA) On-Ramp1 Multiple Award contract.

The fixed-price, indefinite-delivery/indefinite-quantity contract runs through November 15, 2028, with a maximum potential value of $476 million cumulatively among all selected contractors. Under this contract, Planet Labs will continue to provide NASA with its industry-leading PlanetScope imagery and other data products to support the agency's Earth science research efforts.

Planet Labs has been a long-standing partner of the CSDA program, enabling NASA researchers to access its robust archive of high-resolution images captured daily by the company's constellation of hundreds of Dove satellites. The data has been instrumental in monitoring climate change, biodiversity loss, disaster responses, and various other applications critical to understanding and protecting our planet.

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