Palantir Technologies (NASDAQ: PLTR) has hit a new all-time high with its stock price reaching $120.67. This comes after the recent SEC filing revealed that the company’s Chief Accounting Officer, Heather A. Planishek, sold nearly $1.61 million in shares earlier this week.
On February 11, Planishek sold 13,891 shares of Class A Common Stock, at prices ranging from $113.03 to $118.22 per share. Despite these sales, Planishek retains direct ownership of 512,006 shares. In addition, she holds 8,130 shares indirectly as a custodian for a minor child under Colorado’s Uniform Transfers to Minors Act. The transactions were executed under a pre-established Rule 10b5-1 trading plan, which was put in place in May 2024.
The recent stock surge has caught the attention of market experts, including former JPMorgan strategist Marko Kolanovic, who has dubbed the company a “meme mega-cap” stock in the latest tweet. He expressed doubts about the company’s valuation, saying that it doesn’t make much sense and poking fun at the company’s earnings calls.
In a tweet, Kolanovic wrote,
“No matter how one looks at valuations, doesn’t make a lot of sense. Congrats to US exceptionalism, now there is a meme Mega cap (+bonus creepy earnings calls).”
Palantir Technologies (NASDAQ: PLTR) currently boasts a market capitalization of $268 billion, as reported by InvestingPro data. However, some technical indicators suggest the stock may be overbought, raising concerns about its sustainability at current levels.
