Palantir Technologies Inc PLTR shares have experienced losses of approximately 15% over the last month. Here's a look at what's been going on.
What To Know: Palantir shares trended lower in August after rising more than 135% to start the year. At the end of last week, shares took a hit after Morgan Stanley analyst Keith Weiss downgraded Palantir from Equal-Weight to Underweight, but raised the price target from $8 to $9.
As previously reported by Benzinga, the downgrade came a quarter after the firm increased its Palantir position by 56.5%. Morgan Stanley ended the second quarter with 17.94 million shares of the data intelligence company.
Cathie Wood also stepped in and bought shares toward the end of last week. On Thursday, the Ark Invest founder, CEO and CIO picked up a little more than 673,000 shares across three Ark funds.
The recent pullback in Palantir is likely being driven by a broader cooldown in AI-related names. Palantir was a big beneficiary of the AI-fueled rally in the first half of the year. The stock appears to be taking a breather after more than doubling to kick off 2023.
PLTR Price Action: Palantir shares were down 1.68% at $14.92 at the time of writing, according to Benzinga Pro.
Photo: Cory Doctorow from Flickr.
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