Palantir heads for its worst day in months
One of the hottest stocks of the moment is headed for its worst day since late July, amid signs that some who’ve ridden Palantir’s blockbuster gains — it’s up over 280% year to date through Friday — are taking a bit of money off the table.
There’s not much in the way of news out there about Palantir today. It seems the sell-off is largely driven by the speed and scale of the share price run-up this year, which is producing some anxiety among holders. That surge has pushed key valuation metrics — Palantir has a forward PE multiple above 130, and its price-to-sales multiple of around 57 is the highest in the S&P 500 — seemingly into the realm of the ludicrous.
That is, of course, unless Palantir does truly emerge as a tech titan on par with quasi monopolies like Meta, Apple, Alphabet, and the Amazons of the world. Crazier things have happened.
