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Palantir stock bounces after last week’s record selloff

Shares of Palantir Technologies Inc. PLTR, +4.71% bounced 4.5% in morning trading Monday, following last week’s record drubbing, to put them on track for their first gain in six sessions. The stock had tumbled 17.6% last week, the worst weekly performance since the data integration and software company went public in September 2020. If the stock closes higher, it would be just the second gain in the past 13 sessions. Prior to the recent weakness, the stock rocketed nearly fourfold (up 285%) from the end of October to its highest close of $39.00 on Jan. 27. Helping fuel the selloff over the last couple weeks was the expiration of post-IPO lockup period and disclosures of insider trades, in which the insiders chose to sell all the shares they acquired at $0 per share through the conversion of derivative securities. The stock has now lost 2.7% over the past three months, while the S&P 500 SPX, +2.20% has gained 6.1%.

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