Palantir stock slid 13% on Tuesday as insiders take advantage of a lockup expiration to offload shares of thebig data company.- Co-founder Stephen Cohen and two other top executives sold 2.7 million shares of
Palantir since the lockup expired on February 18. - The move comes as the price of Palantir stock continues to fall from Jan. 27 highs of over $39 per share.
$4 stock sank as much as 13% on Tuesday after regulatory filings showed the company's co-founder Stephen Cohen and two other top executives offloaded 2.7 million shares.
SEC filings revealed ($4) ($4) ($4) the trio took advantage of Palantir's recent $4 selling shares in the $25-$30 price range on February 18, 19, and 22.
Stephen Cohen is a computer scientist who founded Palantir in 2003 with the help of Peter Thiel, Nathan Gettings, Joe Lonsdale, and Alex Karp. The sales by Cohen continue a trend at Palantir of insiders cashing out on the company's historic run.
Palantir's stock rose over 300% from $9.50 at the end of its first day of trading to over $39 per share on Jan 27. Since then, the company has retraced some of those gains, though insiders are still cashing in.
Just a month after Palantir went public last year, CEO Alex Karp and co-found Peter Thiel $4 a combined 41.45 million shares, for more than $400 million.
Meanwhile, an $4 showed Peter Thiel sold roughly 20 million shares of Palantir between $25-$26 per share after converting class B common stock into class A common stock.
Still, according to $4, over the last six months, there have been $136 million worth of awards and purchases of Palantir stock from insiders versus just $38 million in sales, while big-time investors keep adding shares as well.
Cathie Wood's ARK Invest ETFs acquired roughly $4 of Palantir last week as the stock pulled back.
The company also was recently given a fresh "buy" rating from analysts at Goldman Sachs who cited a path to "sustainable growth" as the reason they like the stock.
Palantir traded down 5.43%% as of 1:37 PM E.T. on Tuesday.