Palantir stock drops toward record 6-day losing streak as lockup expires
Shares of Palantir Technologies Inc. undefined sank 7.0% on heavy volume toward a sixth straight loss in morning trading Thursday, putting them on track to suffer their longest losing streak since going public, as the expiration of the lockup period puts all of the outstanding shares available to trade. Trading volume spiked to 165.4 million shares, already nearly triple the full-day average of 66.2 million shares over the past 30 days, and enough to make the big-data software company's stock the most actively traded on major U.S. exchanges. The stock has tumbled 34.0% during its losing streak, and has now dropped 35.4% since closing at a record $39.00 on Jan. 27. Helping fuel the declines are investor concerns about the lock up expiry, and a disappointing fourth-quarter report earlier this week, in which the company reported a surprise loss, although revenue rose more than forecast. The company had roughly 1.6 billion shares outstanding when it went public, but less than 500 million shares were permitted to be sold at the time. Despite the recent selloff, the stock, which went public on Sept. 30, has still rallied 40.7% over the past 30 days, while the Renaissance IPO ETF undefined has climbed 28.5%, the SPDR S&P Software and Services ETF undefined has hiked up 31.2% and the S&P 500 undefined has gained 9.3%.
More On MarketWatch