Palantir Technologies (PLTR) just delivered one of the strongest quarters in software, and its stock is sliding anyway.
Shares of the artificial intelligence company fell about 13% in five trading days, closing near $136 on June 8 after trading above $158 a week earlier
That kind of drop usually follows a bad earnings report, but Palantir’s was the opposite. Revenue grew 85% year over year in the first quarter, the fastest pace since the company went public in 2020, and management raised its full-year outlook. Yet the stock keeps falling, and the warning signs are coming from multiple sources.
A famous short-seller flagged a topping pattern on the chart. Insiders keep selling. And one analyst has put a hard number on the downside.