The stock of satellite company Planet Labs (PL -3.10%) was floating higher at double-digit rates over the past few trading sessions. All told, according to data compiled by S&P Global Market Intelligence, its shares were gaining 13% in price as of early Friday morning, on a week-to-date basis. News of two business deals announced within the space of a week were a prime source of optimism on the company.

Two deals announced

Planet Labs concentrates on the provision of data and insights it gleans from its network of satellites circling the Earth. The second of its two new arrangements was announced on Wednesday; this will see the company provide data about oceans to Global Fishing Watch, a non-profit organization that monitors human activity at sea.

This wasn't a major deal, as its value is in the six-figure dollar range (Planet Labs did not get more specific). Yet it came on the heels of another tie-up, indicating that management is at least pounding the pavement to drum up some business.

Deal No. 1 was announced last Thursday. It's an expansion of an existing arrangement Planet Labs has with France-based "smart farming" tech company Abelio. The two companies already collaborate, with the American one supplying satellite data to the latter to, in Planet Labs' words, "enhance their digital agriculture solutions." Unlike the Global Fishing Watch news, Planet Labs did not even give a hint as to the financial particulars of the expansion.

Third-quarter improvements on the way?

Another factor in Planet Labs' rise was likely the coming arrival of the space company's fiscal third quarter of 2025 results, slated to hit the headlines on Monday, Dec. 9. Collectively, analysts tracking the stock are expecting a narrower net loss and a nearly 14% rise in revenue compared to the same quarter of fiscal 2024. Investors might be feeling confident buying into the company in anticipation of such performance.

While the latest news about the company is encouraging, neither of the announced deals feel very major. The market might be guilty of being too impressed by them.