Palantir Technologies shares fell below a key technical level on Monday and closed at its lowest price in more than a year.
The stock dropped nearly 7% to $119.50, considerably under the $127 price that it has found support around since February. The intraday price slid to $119.20. The last lowest closing price was $118.46 on May 12, 2025, according to Dow Jones Market Data.
Other software names were having a tough day, too. Salesforce stock fell 1%, closing lower for a record 14 consecutive trading sessions.
Falling below $127 would signal to investors that Palantir stock might head even lower.
The stock has lost 10% in four straight days of losses and is down 23% for the month. The stock’s 50-day moving average is around 138; the 200-day moving average is about $160.
But a quick turnaround certainly is possible. On April 10, shares closed at $128.06. The stock gained 12% in a five-day winning streak.
Still, after three straight years of mammoth gains, the stock has struggled this year, losing 32% decline on broad fears that artificial intelligence will disrupt software. Shares are down 41% from their record closing high of $207.18 on ov. 3, 2025.
For comparison, the S&P 500 and the tech-heavy Nasdaq Composite are both up this year—9.3% and 13%, respectively.
Despite its steep losses, the stock is expensive—another red flag. Its forward price-to-earnings ratio is 73.50 times, compared with the S&P 500’s 20.86 times, according to Dow Jones Market Data.
Wall Street remains optimistic about Palantir. The stock has an average Overweight rating with a $189.87 price target, representing 57% upside. Of the 33 firms polled by FactSet, 17 rate it Buy; three, Overweight; 11, Hold; and two, Sell, according to FactSet.