Planet Labs $PL ( ▲ 10.86% ) is ripping higher after a strong earnings report sent the satellite imaging company toward a new record close. Shares jumped more than 35 percent after Planet posted better-than-expected quarterly results and projected stronger sales for the current quarter.
Analysts pointed to AI demand as a major driver. Wedbush’s Dan Ives said Planet is benefiting from growing interest in advanced satellite data solutions powered by AI and called the company well positioned at the intersection of space and artificial intelligence. He reiterated his outperform rating and $20 price target.
The rally lifted other space names as well. AST SpaceMobile $ASTS ( ▲ 13.33% ) and Rocket Lab $RKLB ( ▲ 17.19% ) both moved higher, catching some of the momentum from Planet’s strong numbers.