Planet Labs (PL) shares fell 8% to $18.48 on Thursday, despite the company announcing a new European defense contract and receiving a "Buy" rating from Berenberg. Investors viewed the seven-figure contract as smaller than previous eight- and nine-figure contracts.
Meanwhile, Intuitive Machines (LUNR) shares dropped 2% to $14.52, and AST SpaceMobile (ASTS) shares fell 1% to $61.78, failing to participate in the day's broader market rally. The entire commercial space sector experienced a pullback on Thursday morning. Planet Labs is expected to report earnings after market close.
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Planet Labs Stock Falls 8% Despite New Defense Contract; Commercial Space Sector Pulls Back
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