Why Palantir Technologies Stock Slumped on Tuesday
One Wall Street analyst remains decidedly bearish.
Palantir Technologies (NASDAQ: PLTR) fell further on Tuesday, slumping as much as 6.4% and continuing the downward trajectory that began last month. As of 11:35 a.m. ET, the stock was still down 3.9%.
The catalyst that sent the artificial intelligence (AI) software and data mining specialist lower was the opinion of a Wall Street analyst.
Palantir has been on an epic run over the past three years, gaining 575% (as of this writing), but has fallen more than 30% from its peak, as some believe the stock has simply gotten ahead of itself. Among those is Jefferies analyst Brent Thill, who reiterated his underperform (sell) rating while maintaining his price target of $60. This suggests Palantir stock could still fall another 31% compared to Monday's closing price.
