Palantir Stock News: PLTR sells off before Jackson Hole

PLTR has traded lower on Friday ahead of Powell’s Jackson Hole speech.A large break to $10.25 support is likely at this juncture., a leading data analytics company, witnessed its share price dive on Thursday. PLTR stock dropped 7.6% to close at $14.14 and has continued losing steam in Friday’s premarket.

at the Jackson Hole economic forum. Adding to fears though are a string of Palantir executives selling partial stakes in the artificial intelligence-based software provider. will provide Jackson Hole with the three-day forum’s primary event. The market expects Powell to continue touting his sermon on keeping interest rates elevated until the Federal Reserve is certain that core inflation is under control. The fed funds rate is in a range from 5.25% to 5.

Adding to the unease in the market is this week’s string of insider selling filings. Of course, tech companies like Palantir provide executives with a good deal of stock-based compensation, so insider selling is not necessarily a major sign that the C-suite sees storm clouds on the horizon. Most often, executives just need to diversify their portfolios, pay off debt or make a major purchase like a home.

Chief Financial Officer David Glazer sold 376,90 Palantir shares between Monday and Wednesday, cutting his share count from 658K to about 380K.

Source: News Formal (newsformal.com)

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