Why Palantir Stock Is Down Today
Investors waiting for Palantir Technologies (NYSE: PLTR) to report a quarter with breakout growth are likely in for a longer wait, according to a Wall Street analyst. Given the uncertain economic environment, it appears fewer investors are willing to continue to wait. Shares of Palantir were down more than 5% on Thursday afternoon as Wall Street continues to shy away from more speculative growth stocks.
Palantir has proven to be a vexing investment since its September 2020 initial public offering. The company's data analytics tools are highly regarded, and its government business is credited with achievements including helping the Pentagon capture Osama bin Laden.
Investors bid the stock up by as much as 300% in its initial months as a public company, but in the last year Palantir shares have lost about three-quarters of their value. The issue has been questions about how fast Palantir will be able to grow, and how long until it is able to justify what was once a lofty valuation.
Source Fool.com
