Palantir stock (NASDAQ: PLTR) has been on a sharp downward trajectory for a little over two weeks.
Despite the release of a promising quarterly report in early February, proposed budget cuts to the Pentagon, a significant degree of insider selling, and mixed outlooks from Wall Street analysts have shaken the confidence of investors.
For quite a long time, PLTR shares were a retail investor favorite — and received little interest from institutional investors and, quite notably, U.S. politicians. That has changed as of late — but in an exception to the general rule, it seems like the congresspeople and senators have mistimed their acquisitions.
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Perhaps the best example of that is the controversial Representative of Georgia’s 14th congressional district, Marjorie Taylor Greene. Back in mid-February, Finbold’s congressional trading radar picked up an SEC Form 4 filing that revealed that the congresswoman had invested in the data analytics company.
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In an unfortunate turn of events for the woman once dubbed the ‘Jim Cramer of Capitol Hill’, the purchase was made near an all-time high (ATH) — and a rather sharp pullback followed soon after. Here’s exactly how much MTG is down on her investment in the artificial intelligence (AI) infrastructure company.
Palantir stock craters following Marjorie Taylor Greene’s purchase
The congresswoman made her purchase of Palantir stock on February 12. Her transaction was valued at between $1,000 and $15,000.
At the time, PLTR shares were changing hands for $117.39. Upward momentum continued until February 17 — and when PLTR stock reached its ATH price of $124.62, a correction began.
Thus far, the pullback hasn’t abated. Palantir stock has seen a 6.44% decrease in price over the last week, which has brought monthly losses up to 18.77%.
At the time of writing, PLTR shares were changing hands at a price of $82.33. Despite erasing most of its gains since the start of the year, the stock remains up 8.86% year to date.
Compared to the time of Marjorie Taylor Greene’s purchase, Palantir stock is down 29.86%. Accordingly, at the lower end of the reporting range, a $1,000 investment would now be worth $701.40, marking a $298.60 loss. On the other hand, if the representative invested the higher end of $15,000, her position is now worth $10,521 — and has marked a $4,479 loss.
Featured image via Shutterstock
