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Monster insider trade alert for Palantir stock

Monster insider trade alert for Palantir stock
Elmaz Sabovic

Insider sales always draw the trading community’s attention, especially from higher-ranking officials, and Palantir (NYSE: PLTR) is one of the most heavily offloaded stocks in 2024.

In a significant sale, Co-Founder Peter Thiel sold shares worth over $272 million at an average price of $20.91 on May 10.

Thiel's sale of PLTR stock. Source: Yahoo Finance
Thiel’s sale of PLTR stock. Source: Yahoo Finance

This move marks the largest insider sale of PLTR stock in two years, with the second-largest also performed by Thiel, with over $174 million worth of shares sold on March 12.

Short-selling is not an excuse anymore for Alex Karp

Alex Karp, CEO of Palantir Technologies, recently attributed PLTR stock declines to short-sellers betting against its progress.

However, at the moment, the short interest compared to float is at a mere 4%, compared to higher levels above 10% in previous months.

Short interest of PLTR stock. Source: Fintel
Short interest of PLTR stock. Source: Fintel

Since August, Karp has sold 3,278,550 PLTR shares worth almost $70 million, leaving him with 6,432,258 shares valued at over $137 million at the current price of $21.44 per share. 

PLTR stock price chart

The recent trading session was positive for PLTR stock, which added 2.39% and lifted its valuation to $21.44, contrary to the decline of 0.65% in the previous five trading sessions.

On a larger scale, since 2024 started, PLTR shares have managed to add an impressive 29.31%.

PLTR stock YTD price chart. Source: Finbold
PLTR stock YTD price chart. Source: Finbold

Palantir’s recent earnings report revealed a notable contrast in growth between its commercial and government sectors. The former grew at 27% year over year, outpacing the latter’s 16% growth over the same period.

The company’s net income for the first quarter surged to $106 million, a significant jump from $19 million the previous year. 

Despite raising its revenue guidance for 2024 to a range between $2.68 billion and $2.69 billion, which exceeded earlier forecasts, investors expressed disappointment by causing a decline in the share price, evidently expecting even stronger figures.

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