One-time market favorite Palantir drops 10% on Monday and is now down nearly 30% from high

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One-time market favorite Palantir drops 10% on Monday and is now down nearly 30% from high

The logo of U.S. software company Palantir Technologies is seen in Davos, Switzerland, on Jan. 22, 2020.

Arnd Wiegmann | Reuters

Palantir shares tumbled on Monday, building on last week’s declines as the hot trade continued to show signs of sputtering.

The technology and defense stock dropped more than 10% on the day, on pace for its fourth straight losing session. That comes after the stock fell 15% last week.

Last week’s declines came after the company disclosed a new stock ***** plan for CEO Alex Karp. Comments from Defense Secretary Pete Hegseth reported by The Washington Post on plans to slash defense budgets also rattled investors of the company, which relies in part on government contracts.

These moves have heightened fears that Palantir — which has seen its popularity among retail investors balloon over recent months — is now falling from grace. Indeed, the stock has plunged more than 24% compared with where it sat a week ago.

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Palantir, 5 days

Monday’s declines put the stock around 28% below the all-time high notched earlier this month.

Still, the stock is up about 20% so far in 2025 — outpacing the S&P 500’s 2% gain over the same *******. Palantir was the best performer in the S&P 500 last year with a surge of more than 340%.

Palantir has gained a cult following of individual investors. Experts and company analysts point to Karp’s eccentric persona and the stock’s big run up as two drivers of interest from this group.

On the other hand, most analysts polled by LSEG have a hold rating. The typical price target implies that shares can fall further.

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