Planet Labs Stock Is Down 37% Over the Past Month. Here's What's Sending the Stock Lower.
The space stock has surged 432% over the last year, but has experienced serious volatility along the way.
Overview
It has been an exciting year for space stocks. Coming into June, Planet Labs (NYSE: PL) stock had surged to over $51 per share and was up an eye-opening 162% year to date. However, the stock recently pulled back 37% from its all-time high just over one month ago.
Planet Labs has been riding high on the wave of strong top-line growth and a surge in government spending on space and defense. However, the company's recent earnings forecast and equity raise have taken the air out of the balloon. Here's what investors need to know.
Details
Planet Labs operates a massive constellation of small satellites that capture daily high-resolution imagery of the planet. The company provides geospatial imagery, data archives, and analytics to intelligence, agricultural, and commercial customers for applications such as national security, crop yields, and deforestation monitoring.
Source
Originally published at www.fool.com.