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Over $200 million Palantir stock sold in insider trades

Over $200 million Palantir stock sold in insider trades
Elmaz Sabovic

Insider trades always draw attention, whether they signify profit-taking or foreshadow future performance, particularly with renowned firms like Palantir (NYSE: PLTR). 

Notably, prominent Palantir insiders sold over 8 million PLTR shares worth over $214 million throughout February and March, as The Maverick of Wall Street reported on March 13.

PLTR stock insider sales. Source: The Maverick of Wall Street
PLTR stock insider sales. Source: The Maverick of Wall Street

Peter Thiel, Co-founder of Palantir Technologies and Chairman of the Board of Directors, has emerged as the largest seller of PLTR shares, offloading 7,044,758 shares valued at over $174 million.

Karp blames short-sellers but also sells PLTR stock

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

However, it appears he’s also selling PLTR shares, as evidenced by insider sales. Since August 22, Karp has sold 3,278,550 PLTR shares worth almost $70 million, leaving him with 6,432,258 shares valued at over $160 million at the current price of $25 per share. 

A simple calculation reveals that Karp has reduced his PLTR stock holding by more than 33% since the August sales.

Compared to this, short-sellers, whom Karp blames, bought over 60 million PLTR shares in the previous 12 months.

PLTR stock short-interest data. Source: MarketBeat
PLTR stock short-interest data. Source: MarketBeat

PLTR stock price chart

Despite Karp’s complaints, PLTR stock appears to be performing relatively well. At the latest close, it traded at $25, marking a 1.21% daily gain, although it has experienced losses of -7.13% over the past five trading sessions.

However, the actual gains become evident when looking at the year-to-date (YTD) chart, which shows an increase of 50.78%.

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

The announcement that Palantir will be selected as the prime contractor for the next phase of its Tactical Intelligence Targeting Access Node (TITAN) ground station program is expected to additionally boost PLTR shares in a contract worth $178.4 million. 

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