Bulls Orbiting 3 Satellite Names on Defense Contract Buzz

Options activity has exploded for MAXR, BKSY, and PL

Digital Content Manager
May 25, 2022 at 2:32 PM
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Communications and networking companies Maxar Technologies Inc (NYSE:MAXR), Blacksky Technology Inc (NYSE:BKSY), and Planet Labs PBC (NYSE:PL) were each awarded multi-year contracts with the National Reconnaissance Office, an agency within the U.S. Department of Defense. In response, the three satellite imaging stocks are surging this afternoon. Below, we'll break down the stock movement of all three space technology names, and take a broader look at the technical setup of MAXR, BKSY, and PL. 

Maxar Technologies stock was last seen up 16.1% to trade at $28.41. The stock has lost 4.7% this year, though long-time support at the $24 level, as well as the 1,000-day moving average, has helped keep additional losses at bay. Options bulls are targeting MAXR today as well. So far, 3,832 calls have exchanged hands, which is 11 times the intraday average. The most popular position is the June 30 call, followed by the 35 call in the same series, with positions being sold to open at both. 

Circling over to Blacksky Technology, the penny stock has more than doubled in response to the news, last seen up  121.2% to trade at $2.61. BKSY is contending with pressure at the $3.50 level, which rejected a rally in early April, and still suffers a 47.6% year-to-date deficit. An overwhelming amount of activity is occurring in BKSY's options pits as well, with 38,000 calls and 3,382 puts exchanged so far, which is a whopping 248 times the intraday average. New positions are being bought to open at Blacksky stock's most popular contracts -- the June 2.50 call and the 5 call in the same monthly series. 

Finally, Planet Labs stock was last seen 14.3% higher to trade at $5.74. Like Blacksky stock, a recent ceiling at the $5.90 level is keeping a lid on today's gains, though PL is set to close above its 100-day moving average for the first time since an early December bear gap sent shares below here. PL has lost 6.7% this year. 

A look at PL's options activity shows 14,000 calls across the tape so far, which is 36 times the intraday average, compared to 608 puts. The June 7.50 call is by far the most popular, followed by the 5 call in the same monthly series, with positions being opened at both. 

 

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