PLTR Stock News: Palantir Technologies closes the week lower snapping recent hot streak

  • NYSE:PLTR fell by 1.44% during Friday’s trading session.
  • Palantir CEO makes headlines with another massive stock dump.
  • Palantir makes another investment into a SPAC merger. 

NYSE: PLTR closed out October OPEX week with a move lower and lagged the broader markets during Friday’s session. Shares of PLTR fell by 1.44% and closed the trading week at $24.00. The markets rallied into the weekend as a strong start to third quarter earnings reports helped the Dow Jones add a further 382 basis points. The blue-chip index managed to eke out a positive week after falling for three straight sessions to start the week. The S&P 500 and the NASDAQ gained 0.75% and 0.5% respectively on Friday, with a strong showing from big banks to kick the next earnings season off. 

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Palantir CEO Alex Karp has been a figure that retail investors in trading rooms like r/WallStreetBets have been watching carefully. The enigmatic CEO recently exercised options to purchase shares at $0, and then sold them into the open market for a gain of over $46 million. Karp still owns well over 6.4 million shares of Palantir currently worth more than $156 million. Executives tend to sell shares of stock frequently as it is a highly liquid source of income for them. It is far more telling of a company’s outlook when a CEO buys shares of the company as it is generally seen as a sign that they believe the share price will rise in the future. 

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Palantir recently added another SPAC investment to its growing portfolio, as the data analytics company invested in Rigetti Computing. Rigetti is one of the largest quantum hardware startups and is set to merge with Supernova Partners Acquisition Company II. Palantir is an early investor in the company, and could definitely reap some rewards if the stock performs well following its merger.

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