Why Space Stocks Are Shooting for the Moon Today
The U.S. National Reconnaissance Office -- the NRO, America's spy satellite factory -- has awarded "billions of dollars" of contracts to commercial spy satellite operators Planet Labs (NYSE: PL), BlackSky Technology (NYSE: BKSY), and Maxar Technologies (NYSE: MAXR).
News of the contract sent all three of these space stocks skyrocketing earlier this week. Indeed, one of the three, BlackSky, nearly doubled its stock price on Wednesday, and all three of them have gone nowhere but up since the news was announced -- including today. What's curious, though, is that a fourth space stock, Virgin Galactic Holdings (NYSE: SPCE), has been moving higher in tandem, even though Virgin Galactic has absolutely nothing to do with spy satellites.
As of 3 p.m. ET, as Planet gains 11%, and BlackSky gains 6.6%, Virgin shares are up another 5.5% as well -- even surpassing Maxar's gain of 3.4%.
Source Fool.com
