NEW YORK, Dec. 27, 2025, 8:09 p.m. ET — Market closed
Planet Labs PBC (NYSE: PL) stock is off the tape this weekend, with U.S. equities closed until Monday’s regular session. Shares of the Earth-imaging and geospatial analytics company finished Friday’s trade at $19.36, down 4.72%, and later traded around $19.25 in after-hours activity before extended trading ended. [1]
The pullback comes as investors weigh a mix of near-term headlines—ranging from fresh institutional-position coverage to a widely circulated downgrade note—against the company’s sharply improved backlog metrics and updated fiscal 2026 outlook following its most recent quarterly report. [2]
Market status: what’s open, what’s not, and what happens next
Because it’s the weekend, there is no premarket, regular-session, or after-hours trading in U.S.-listed stocks right now. When trading resumes, the NYSE’s core session runs 9:30 a.m. to 4:00 p.m. ET, while many brokers route extended-hours activity in windows commonly cited as 4:00–9:30 a.m. ET (premarket) and 4:00–8:00 p.m. ET (after-hours). [3]
Heading into the next open, investors are also navigating an end-of-year calendar. Markets are typically open for a full day on Dec. 31 and closed on Jan. 1 for New Year’s Day, according to widely followed U.S. market holiday schedules. [4]
PL stock recap: where Planet Labs shares ended Friday
Planet Labs shares closed Friday at $19.36 after opening at $20.30, with the day’s range roughly $19.04 to $20.34 on about 7.73 million shares. [5]
The move matters because PL has become one of the more volatile “space data” names in late 2025 after a powerful rally earlier in the year—making single-day swings more common, especially around analyst notes, thin holiday liquidity, and positioning data. [6]
What’s driving the latest move: downgrade chatter vs. fundamentals
One of the most-circulated explanations for Friday’s decline came from a syndicated market note pointing to a Zacks Research downgrade (from “hold” to “strong sell”) and emphasizing a recent earnings-per-share miss versus consensus, despite revenue strength. [7]
Whether investors treat that kind of call as a durable thesis or a short-term sentiment catalyst, it landed at a moment when PL already had a lot of “good news” priced in after its strong quarter and major contract/backlog updates.
The last major company update: Q3 results and a much larger contracted base
Planet Labs’ most recent quarterly report (for the period ended Oct. 31, 2025) underscored why the stock has been so active into year-end.
In the release, Planet reported:
- Revenue of $81.3 million, up 33% year over year
- Adjusted EBITDA of +$5.6 million (profit)
- Remaining performance obligations (RPOs) of $672 million (up 361% YoY) and backlog of $734 million (up 216% YoY)
- Cash, cash equivalents, and short-term investments of $677.3 million at quarter-end [8]
Management also tied the demand narrative to defense, intelligence, and AI-enabled monitoring. CEO Will Marshall highlighted momentum in “AI-enabled global monitoring solutions,” pointing to wins such as an award under the NGA’s Luno B program and an expansion with NATO, alongside the company’s acquisition of Bedrock Research to accelerate that roadmap. [9]
The company’s contract cadence in the quarter included notable government relationships (among others): an initial $12.8 million prime contractor award from NGA under Luno B, an $13.2 million renewal with the National Reconnaissance Office, and a $13.5 million NASA task order under CSDA, plus additional NASA work in November tied to high-resolution tasked imagery for disaster response. [10]
Planet Labs guidance: what the company expects for Q4 and FY2026
For investors trying to map PL’s valuation to fundamentals, the company’s forward outlook remains central.
Planet said it expects, for Q4 fiscal 2026 (ending Jan. 31, 2026):
- Revenue: ~$76 million to $80 million
- Non-GAAP gross margin: ~50% to 52%
- Adjusted EBITDA: loss of ~($7) million to ($5) million
- Capex: ~$22 million to $26 million [11]
For the full fiscal year 2026, Planet projected:
- Revenue: ~$297 million to $301 million
- Non-GAAP gross margin: ~57% to 58%
- Adjusted EBITDA: profit of ~$6 million to $8 million
- Capex: ~$81 million to $85 million [12]
That mix—full-year EBITDA profitability but a guided Q4 EBITDA loss—is a nuance investors often focus on, particularly for satellite and data-platform businesses balancing growth investment, constellation upgrades, and margin expansion.
Analyst forecasts: price targets have risen, but consensus is mixed
Wall Street target-setting has also been moving quickly.
In one of the most notable recent updates, Morgan Stanley raised its price target on Planet Labs to $20.00 from $4.50 while maintaining an Equalweight rating, citing a reassessment of valuation in light of Planet’s momentum and expanding backlog. The note attributes the view to analyst Kristine Liwag. [13]
At the same time, consensus-style target aggregates still show a wide spread. A Fintel compilation carried by Nasdaq put Planet Labs’ average 1-year price target at $17.78, with estimates ranging from $11.11 to $23.10 (as of its latest update). [14]
With PL recently around the $19 level, that implies the stock is trading above at least some consensus averages—one reason price action can be sensitive to incremental news, model tweaks, and narrative shifts even when the company is executing. [15]
Fresh headlines in the last 24–48 hours: institutional-position coverage and stock-move explainers
Two of the most visible PL items circulating over the past 24–48 hours were not new Planet press releases—but rather stock-focused coverage:
- Institutional-position coverage: A MarketBeat report highlighted that Rice Hall James & Associates LLC disclosed a new position of 338,349 shares (via a filing), valued at roughly $4.39 million in the report’s summary. [16]
- “Why the stock is down” coverage: A syndicated explainer tied Friday’s move to the Zacks downgrade narrative and reiterated investor attention on the gap between revenue strength and profitability/earnings expectations. [17]
Separately, the broader “space stock” complex has been active into late December, and Planet’s volatility has sometimes been grouped alongside other high-beta aerospace and space names in market coverage. [18]
Short interest: a built-in volatility amplifier
Planet Labs also has a meaningful short-interest profile, which can magnify swings when sentiment shifts.
As of Dec. 15, 2025, MarketBeat reported 33.50 million shares sold short, representing 12.95% of the public float, with a days-to-cover figure of about 2.2. [19]
High short interest does not predict direction on its own—but it can increase the likelihood of sharp moves in either direction when new information hits the tape (contracts, guidance, analyst notes, or macro risk-on/risk-off flows).
“Before the next session” checklist: what PL investors typically watch into Monday
With markets closed, the most practical focus is preparation—especially for a stock that can gap on headlines.
Key items PL investors often monitor before the next open:
- Any weekend news cycle on government contracts or partnerships
Planet’s recent narrative has leaned heavily on multi-year government work and AI-enabled monitoring wins. Incremental contract headlines can move the stock quickly given the sensitivity of backlog and RPO trends. [20] - Extended-hours liquidity risk
Premarket and after-hours sessions can feature wider spreads and faster moves. Nasdaq notes that participation is voluntary and liquidity may be thinner in these sessions—often a real issue for more volatile mid-cap growth stocks. [21] - Where PL opens relative to key recent levels
After a sharp Friday decline, traders often look for either follow-through selling (risk-off) or stabilization/rebound (buyers defending a prior breakout zone). This is especially true when short interest is elevated. [22] - Analyst commentary and target changes
The stock has recently been re-rated by some analysts, including Morgan Stanley’s large target increase. Any additional notes (upgrades/downgrades, target revisions) can be an outsized catalyst in the absence of company news. [23] - Capital structure and filings context
Planet has highlighted balance-sheet strength, including $677.3 million in cash/cash equivalents/short-term investments, and management referenced a $460 million convertible debt raise. Investors occasionally revisit these details when thinking about dilution, financing flexibility, and long-duration growth runway. [24]
Bottom line: Planet Labs stock enters the new week with momentum investors watching whether Friday’s drop was a one-off sentiment shock—or the start of a broader consolidation after a strong run. The company’s backlog/RPO expansion and FY2026 outlook remain the fundamental anchors, while analyst target resets, short interest, and thin end-of-year liquidity can shape the near-term tape once markets reopen Monday. [25]
References
1. stockanalysis.com, 2. www.barchart.com, 3. www.nyse.com, 4. www.investopedia.com, 5. stockanalysis.com, 6. www.barchart.com, 7. www.barchart.com, 8. www.businesswire.com, 9. www.businesswire.com, 10. www.businesswire.com, 11. www.businesswire.com, 12. www.businesswire.com, 13. www.investing.com, 14. www.nasdaq.com, 15. www.nasdaq.com, 16. www.marketbeat.com, 17. www.barchart.com, 18. www.investors.com, 19. www.marketbeat.com, 20. www.businesswire.com, 21. www.nasdaq.com, 22. stockanalysis.com, 23. www.investing.com, 24. www.businesswire.com, 25. www.businesswire.com
