Planet Labs (PL) Rockets 27% on Newly Bagged Deal

We recently published 10 Stock Winners Shocking Wall Street. Planet Labs PBC (NYSE:PL) was one of the top performers last week.

Planet Labs saw its share prices jump by 26.7 percent week-on-week as investors took path from a new “nine-figure” deal with the Swedish Armed Forces for the supply of satellites to support security operations.

Under the agreement, Planet Labs PBC (NYSE:PL) would deliver a suite of satellites and space-based data and awareness solutions for the Swedish Armed Forces for multiple years, marking its third satellite services contract in just a span of 12 months.

“Europe needs its own eyes, and Sweden is leading the way by rapidly securing its own, comprehensive space capability—helping achieve its own security objectives and assisting regional allies, like Ukraine, with timely, critical information,” said Planet Labs PBC (NYSE:PL) CEO Will Marshall.

“By leveraging Planet’s scaled production line and agile aerospace methodology, Sweden achieves both the speed and the long-term sovereignty they require, without compromise,” he added.

Revenues from the contract are expected to be recognized over several years.

Additionally, Planet Labs PBC (NYSE:PL) announced the upcoming launch of its Owl constellation, its next-generation monitoring satellite capable of delivering near-daily one-meter class imagery.

Meanwhile, Planet Labs PBC (NYSE:PL) was issued an “equal weight” rating from Morgan Stanley, but with a higher price target of $26 versus $20 previously.

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Disclosure: None. This article is originally published at Insider Monkey.