Palantir shares fell 6% on Wednesday after August rally
Palantir shares fell by about 6% on Wednesday afternoon, MarketWatch reports. The company’s shares reversed direction after rising in August following the release of its financial results.
The decline made Palantir the third-worst component of the S&P 500 by daily performance. At the same time, the S&P 500 index was up 0.49% on Wednesday.
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Worst decline since February
MarketWatch describes the current decline in Palantir shares as the worst since February. The publication notes that the company’s shares have a reputation for both sharp rallies and substantial corrections.
Pressure on high valuation
After the August post-earnings rally, Palantir’s high valuation multiple again came under pressure. In a photo caption, MarketWatch, citing an unnamed expert, reports that rising global bond yields increased pressure on growth-oriented companies’ shares with high multiples.
