Why Palantir Stock Plummeted This Week
Shares of Palantir (NASDAQ: PLTR) fell this week. The stock is down from last week's close by 9.5% as of 1:59 p.m. ET on Friday. The drop comes as the S 500 gained 0.4% and the Nasdaq-100 lost 0.7%.
A favorite of retail traders, Palantir's stock was sliding this week after a short report from a notable short seller compared the company's valuation to the implied valuation of OpenAI after its latest funding round.
Citron Research, the short seller behind the imbroglio, released a note immediately following news that OpenAI was raising another $6 billion at a $500 billion valuation. Citron pointed out that this means OpenAI's implied price-to-sales (P/S) ratio is 17 and that this would make it by far one of the most expensive software-as-a-service (SaaS) stocks ever. In fact, a P/S of 17 gives OpenAI the "highest multiple of any scaled SaaS stock in the world."
Source Fool.com
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