Palantir Technologies shares plunged to a fresh 52-week low on Thursday, capping a brutal seven-session losing streak that has erased nearly a third of the stock’s value this month. The decline, which pushed the stock to $107.27, has drawn bargain hunters — most notably Cathie Wood’s ARK Invest, which scooped up roughly $3.3 million worth of PLTR shares at the day’s close. ARK also added to its Coinbase position, a move that underscores the firm’s continued conviction in crypto-exposed equities amid broader market turbulence.
The sell-off has been relentless. PLTR has now fallen 31% in June alone, putting it on pace for its worst monthly performance since a 32% drop in February 2021. Year-to-date, the stock is down 39%, a stark contrast to the S&P 500’s 7.8% gain and the Nasdaq’s 9% advance. Technical damage is severe: on Monday, the stock broke below a $127 support level that had held since February, and Thursday’s slide took it beneath a key $128 weekly floor. The 50-day moving average sits near $137, the 200-day around $159 — both far overhead.
Beyond valuation jitters — Palantir’s trailing P/E remains well above 100 — investors are weighing geopolitical headwinds. France’s domestic intelligence agency plans to phase out Palantir’s tools, while UK parliamentary committees have pressed the government to exercise a break clause in its NHS data contract. Yet, for ARK, the dip was a buying opportunity. The firm added 30,528 PLTR shares across three ETFs (ARKK, ARKW, ARKF), alongside $18.9 million in Cerebras Systems and notably, 9,014 shares of Coinbase. ARK also sold $16.7 million in Alibaba. Michael Burry has flagged the weak volume pattern as a prolonged downtrend, but the Street remains constructive: of 33 analysts surveyed by FactSet, the average rating is Overweight with a $189.87 target — implying 77% upside from Thursday’s close.
