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Palantir Joins S&P 500, Stock Surges to $37.90, Up 128% YTD Amid Insider Sales

Sep 23, 2024, 12:05 PM

Palantir Technologies (PLTR) has joined the S&P 500 index as of today, marking a significant milestone for the company. The stock has seen a substantial rise, closing above $37 for the first time since 2021 and reaching a high of $37.90. This surge comes amid significant insider selling, with CEO Alexander Karp selling $325.6 million worth of shares recently, and Chairman Peter Thiel selling approximately $1 billion worth of stock. Additionally, a holder offered 10 million shares priced at $35.90-$36.83 each. Despite the insider sales, Palantir's stock is up 128% year-to-date and has outperformed the S&P 500. The stock also achieved a new weekly closing high with a volume spike to 450 million shares as it rebalanced into the S&P 500 Technology Services category. The company has also been added to the Bank of America US 1 List, further boosting investor confidence. Notably, Stanley Druckenmiller and other top hedge funds hold positions in Palantir.