Why Planet Labs Is Soaring Today

Shares of Planet Labs (NYSE: PL) are skyrocketing Tuesday. The stock is up 20.8% as of 2:30 p.m. ET, but was up as much as 24.3% earlier in the day. The move up comes as the S&P 500 and the Nasdaq Composite gained 0.9% and 0.7%, respectively.

A major announcement from President Donald Trump sent shares of Planet Labs and other space stocks soaring.

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President Trump wants to go to Mars

Mars has long been the next significant goal in humanity's quest to explore the stars. After Monday's inauguration, that dream may become a reality. Trump dedicated precious time during the first address of his second term to make clear his intention to send Americans to Mars. Trump said that it was time for the country to "act with courage, vigor, and the vitality of history's greatest civilization" and "plant the Stars and Stripes on the planet Mars."

Planet Labs is primarily targeted toward imagery and analytics, providing some of the highest-resolution images with the highest frequency commercially available. Although it doesn't directly build spacecraft that would be capable of a trip to Mars, it's possible that its technology could be integrated into a mission.

Planet Labs adds key board member

Late last week, Planet Labs announced that General John W. "Jay" Raymond would join the board of directors. General Raymond was a member of the Joint Chiefs of Staff during Trump's first term as Chief of Space Operations of the U.S. Space Force. Raymond was the first to hold the position after Trump created the new branch of the armed services. His appointment could greatly benefit the company in securing lucrative government contracts.

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Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.