Space Stock Tracker: Planet Labs Q2, EchoStar SpaceX Deal, AST SpaceMobile Downgrade

Space stocks have had a busy week with earnings, major deals and even a downgrade. 

Here's a look at what is going on in the space sector. 

• ASTS stock is dropping. Check the real-time chart here. 

Planet Labs — PL

Planet Labs PBC PL shares raced higher in Monday's regular trading session after the company reported its Q2 revenue rose 20% from a year earlier to $73.39 million, above analyst estimates of $65.74 million.

"Our second quarter results demonstrate incredibly strong momentum across our business, with record revenue and substantial growth in our backlog," CEO Will Marshall said. 

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"The increased demand for our unique Earth intelligence, highlighted by pivotal contracts including one in collaboration with the German government, one with NATO, and others with the U.S. Department of Defense, underscores the critical role Planet plays in addressing global challenges and supporting peace and security," Marshall added. 

Planet shares tumbled 10% in Monday's after-hours trading session after the company announced a private offering of $300 million convertible senior notes due 2023.

SpaceX, EchoStar — SATS 

EchoStar Corp. SATS announced Monday that it has agreed to sell its AWS-4 and H-block spectrum licenses to Elon Musk's SpaceX in a deal valued at about $17 billion.

The agreement includes up to $8.5 billion in cash and up to $8.5 billion in SpaceX stock. In addition, SpaceX will cover roughly $2 billion in cash interest payments on EchoStar's debt through November 2027.

As part of the transaction, EchoStar and SpaceX will also establish a long-term commercial partnership to give Boost Mobile subscribers access to SpaceX's next-generation Starlink Direct to Cell service.

Shares of Globalstar, Inc. GSAT also surged on a wave of investor enthusiasm after the EchoStar- SpaceX deal cast a spotlight on the immense value of satellite spectrum, a key asset for the company.

AST SpaceMobile — ASTS

AST SpaceMobile, Inc. ASTS shares continued to sell off and were down 25% over the past week, according to data from Benzinga Pro. 

On Tuesday, UBS analyst Christopher Schoell downgraded AST SpaceMobile stock from Buy to Neutral and lowered the price target from $62 to $43.

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Intuitive Machines -— LUNR 

Intuitive Machines, Inc. LUNR continued to slide with no company-specific news. The stock is down by 15% over the past month. 

Rocket Lab — RKLB 

Rocket Lab Corp. RKLB requested the dismissal of a class action lawsuit filed by investors for alleged misrepresentations regarding the company’s Neutron reusable rocket.

The class action alleges that Rocket Lab assured investors of the Neutron rocket’s launch timeline as well as finances tied to the launch, which had alleged discrepancies, between November last year and February this year.

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