Planet Labs Stock Is Trending Thursday: What's Going On?

Planet Labs PL shares are trending on Thursday. The stock spiked as much as 15% in early trading before pulling back. Here’s a look at what’s going on.

What To Know: Planet Labs announced that it was selected for a new seven-figure contract with NATO to deliver advanced daily monitoring and intelligence capabilities across strategic areas of interest. Planet Labs shares initially surged on the news before pulling back.

Under the collaboration, Planet will provide a specialized platform solution leveraging its PlanetScope Broad Area Monitoring technology and AI to offer space-based surveillance for NATO. The offering allows for a transition from reactive surveillance to proactive detection.

“Our growth with NATO showcases Planet’s unparalleled ability to provide the necessary scale and frequency of data collection that’s critical for daily, global intelligence,” said Will Marshall, fo-founder and CEO of Planet Labs.

“For over a decade Planet has centered global daily monitoring as our flagship product, and we now have the opportunity to solidify our market-leading role in empowering the Alliance to have the comprehensive situational awareness in its region that is critical during these pivotal times.”

See Also: SpaceX’s Ax-4 Astronaut Mission To ISS Delayed Over Propellant Leak: New Launch Date Yet To Be Announced

How To Buy PL Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Planet Labs PL's case, it is in the Industrials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

PL Price Action: Planet Labs shares traded up to around $6.35 in early trading Thursday. The stock had given up all of its gains and was roughly flat at $5.46 by the time of publication, according to Benzinga Pro.

Photo: Andrei Armiagov/Shutterstock.