- The stock price of Palantir Technologies Inc (NYSE:PLTR) dropped by over 20% this past week. This is why it happened.
The stock price of Palantir Technologies Inc (NYSE:PLTR) dropped by over 20% this past week as it went from $29.97 on February 22 morning to $23.90 as of Friday afternoon. Along with a broader market selloff, there was another major trigger.
Palantir Technologies executives have been selling shares following a lockup period following the direct listing IPO in September. In the past few days, 3 executives at the company disclosed the sale of about $18.5 million in stock, according to SEC filings discovered by Barrons. And this brought the total sales disclosed by Palantir’s executives to nearly $112 million.
On Wednesday and Thursday alone, Palantir general counsel Matthew Long disclosed the sale of 291,500 shares for $8.5 million, following a recently disclosed sale of $12.6 million. Palantir chief legal and business affairs officer Ryan Taylor sold 162,500 shares for $4.5 million following a recently disclosed $5.5 million sale of shares. And Palantir Chief Financial Officer David Glazer sold 203,190 shares for $5.5 million. Other sellers this week also included COO Shyam Sankar for $21.5 million and co-founder Stephen Cohen sold $53.6 million of stock.
The sale of large stock positions by executives following lock-up periods is very common for recently listed companies.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.