Planet Labs PBC (PL) stock gained in the current market after the company announced that it had launched 44 new satellites using SpaceX falcon 9. The stock of PL was valued at around $6.40, gaining more than 14% from the previously closed value. At the end of the last trading session, the stock closed at around $5.59. The stock volume traded in the last trading session was around 4.73 million shares.
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Reason for the PL stock gain
Planet Labs PBC (PL) today announced in a press release that they have successfully launched its 4x Flock, which consists of 44 SuperDove satellites. The satellites have been released into orbit through a SpaceX Falcon 9 rocket. Planet Labs PBC (PL) has connected with all of the SuperDove satellites in two minutes following the final deployment. The 44 SuperDove satellites have successfully connected with 100% of all Planet satellites.
The 44 satellites of Planet Labs PBC (PL) will unite with the company’s current fleet. The fleet consists of approximately 200 satellites in orbit of Earth. As of now, 127 satellites have been launched through SpaceX in eight different missions. Overall the company has launched more than 500 satellites since its founding ten years ago. According to the 2021 agreement with SpaceX, this is the company’s first launch.
The company has the largest fleet of launched satellites in the world. It collects data of daily insights, Earth resources, and various events happening in the world. The data is gathered through the fleet of various low and high-resolution satellites. They have been collecting data for the last ten years.
Effect on the stock gain
The new development in its business operations made the investors not ignore its stock. It shows that the company is growing fast, and its fleet is now the most extensive fleet by any company. Investors are investing in its stock, seeing its future growth potential.
Conclusion
The company’s stock is gaining at a significant pace, and it is expected that it will go higher than its current position. PL is the perfect candidate for investors to include in their investment portfolio.
