Why Palantir Stock Was Pulling Back Today
After a dramatic bull run in recent weeks, Palantir Technologies (NYSE: PLTR) stock was finally giving up gains, as investors seemed to be taking profits after Friday's pop. That jump was driven by Palantir's announcement that it would be listing as a Nasdaq stock and that it expected to join the Nasdaq-100, which would trigger exchange-traded funds (ETFs) that track that index to buy the high-flying artificial intelligence (AI) stock.
Among those selling the stock was CEO Alex Karp, who filed to sell 4.5 million shares of the stock on Friday, which has a market value of $266 million. That sale was predetermined by a 10b5-1 plan, which sells stock at set intervals to avoid suspicions of insider trading.
Palantir stock was down 5.38% as of 11:45 a.m. ET.
Source Fool.com
