Maxar, Blacksky, Planet Labs Stocks Rise on Contract Awards

By Will Feuer

Shares of Maxar Technologies Inc., Blacksky Technology Inc. and Planet Labs PBC rose in midday trading after the National Reconnaissance Office, an agency of the U.S. Department of Defense, awarded them multi-year contracts.

Shares of satellite imaging and space technology company Maxar rose more than 14% to $27.96 a share after trading resumed. Shares of Blacksky, a Philadelphia, Penn., geospatial intelligence company, jumped almost 70% to $2 a share. Planet stock rose more than 15% to $5.78 a share.

The stock moves helped the three companies slash their declines in stock price so far this year. Maxar shares are now down just 6% so far this year, while Planet stock is down 8%. Blacksky stock is down 55% over the same period.

The contracts, which Maxar said are five-year base contracts with five additional years of options through 2032, are valued at billions of dollars over the next decade, the NRO said.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

May 25, 2022 11:27 ET (15:27 GMT)

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