Planet Labs Stock Soars 50% On Narrower Q1 Loss

(RTTNews) - Planet Labs PBC (PL) surged 50.34 percent to $6.02 on Thursday after reporting a significantly reduced net loss for the first quarter. The company posted a net loss of $12.6 million, down from $29.3 million a year ago. Revenue rose to $66.3 million from $60.4 million in the prior-year period.

The satellite imaging company opened at $5.22 and traded between $5.01 and $6.45 throughout the day on the New York Stock Exchange. Trading volume spiked to 56.2 million shares, far surpassing its average of 4 million. The stock's 52-week range is between $1.73 and $6.71.