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Senior Palantir Technologies Inc. (NASDAQ:PLTR) is seeing one of the heaviest stretches of insider selling in years, amid growing scrutiny on the company’s valuations in recent weeks.
According to filings made with the SEC on Thursday, the company’s insiders, comprising senior executives and board members, are preparing to offload shares worth over $250 million.
This was led by the company’s CEO, Alex Karp, who is by far the biggest seller, filing to sell of 585,000 shares valued at $95.93 million. Karp previously sold $62.7 million worth of shares in August, while still owning a significant stake in the company, valued at over $2 billion.
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President and co-founder Stephen Cohen is planning to sell 405,000 shares worth $66.4 million, alongside prior August transactions totaling more than $24.9 million.
Followed by the company’s CFO and Chief Revenue Officers, David Glazer and Ryan Taylor, with both planning stake sales worth $3.8 million, after similar filings made in September.
The company’s CTO, Shyam Sankar, has filed to sell 225,000 shares in the company, valued at $36.89 million, with multiple prior transactions, including a $12.1 million stake sale in August, and a few smaller transactions since.
| Executive | Shares To Be Sold | Estimated Value |
|---|---|---|
| Alex Karp (CEO) | 585,000 | $95.93M |
| Stephen Cohen (President, Co-founder) | 405,000 | $66.4M |
| Shyam Sankar (CTO) | 225,000 | $36.89M |
| David Glazer (CFO) | 23,290 | $3.82M |
| Ryan Taylor (CRO) | 23,290 | $3.82M |
Palantir did not immediately respond to Benzinga’s request for a comment on this matter. This story will be updated as soon as we receive a response.
Despite its strong third-quarter performance early this month, Palantir shares have been under pressure, with several leading analysts and investors questioning its valuation of 381 times earnings and 107 times sales.
After hitting a new all-time high of $207.18 per share this month, the stock has witnessed a significant pullback, and is currently down 24.82% since then. This began after renowned investor Michael Burry revealed his bearish position against the stock, with a market value of $912 million.
Palantir shares were down 5.85% on Thursday, closing at $155.74, and are down 0.07% overnight. Despite its recent pullback, the stock scores high on Momentum and Growth in Benzinga’s Edge Stock Rankings, with a favorable price trend in the Medium and Long terms. Click here for deeper insights into the stock, its peers and competitors.
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