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Shares of artificial intelligence platform Palantir Technologies Inc. (NASDAQ:PLTR) witnessed a steep decline this week, after touching a record high on Monday, ahead of its third-quarter results. Stock Hits ‘Technical Correction’ Despite Strong Q3 Performance On Thursday, in a post on X, Barchart noted that the company’s shares are down more than 10% since its all-time high on Monday, at $207.52 per share. The stock is down 15.64% since then, and the post said that it has now entered into “technical correction,” after falling through a key support level on Thursday, which it has managed to successfully hold and bounce off from for the past several months. See Also: Palantir’s CTO Just Called Out The ‘Mimetic’ AI Industry — And He’s Right A drop in a stock’s price by more than 10% from its recent high is dubbed a technical correction, but it still does not mark an entry into bearish territory, which would require dropping more than 20%. This comes despite its strong third-quarter performance on Wednesday, with revenues surging 63% year-over-year at $1.18 billion, and a profit of $0.21 per share, both beating consensus estimates handily on the top and bottom lines during the quarter. Palantir CEO Hits Back At Critics The company has faced significant bearish pressure recently, which began with investor Michael Burry announcing the purchase of 5 million put options on the stock, worth a massive $912 million, while calling attention to the prevailing bubble dynamics among AI stocks. Burry’s trade and subsequent comments received pushback from prominent analysts such as Dan Ives of Wedbush Securities, who continued to remain optimistic, while saying that Burry was “dead wrong.” Ives highlighted the explosive growth in Palantir’s U.S. commercial business, which he said will represent an opportunity “bigger than the company itself today,” within the next three years. Palantir’s CEO, Alex Karp, himself hit back at critics during his appearance on The Axios Show on Thursday. He said, “We have the most baller” company on the planet, adding that the models used by analysts were unable to capture the value in its product and culture. Shares of Palantir were down 6.84% on Thursday, trading at $175.05, and are up 1.37% overnight. The stock scores high on Momentum and Growth in Benzinga’s Edge Stock Rankings, with a favorable price trend in the short, medium and long-term. Click here for deeper insights into the stock, its peers and competitors. Read More: Palantir CEO Says Michael Burry, AI Short-Sellers Are ‘BatS–t Crazy’ Photo courtesy: Shutterstock
