Palantir sinks 13% as filings show 3 top executives offloaded 2.7 million shares following lockup expiration
Palantir stockslid 13% on Tuesday as insiders take advantage of a lockup expiration to offload shares of the big datacompany.
- 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.
Palantir 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.
Just a month after Palantir went public last year, CEO Alex Karp and co-found Peter Thiel sold a combined 41.45 million shares, for more than $400 million.Meanwhile, an SEC filing released on Friday 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 data from the Wall Street Journal, 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 6.8 million shares 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.
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