Palantir (PLTR) CEO Alex Karp, and Other Top Executives, Sell Company Stock

Palantir (PLTR) CEO Alex Karp has sold more than $50 million worth of stock in the data analytics company he runs.

Filings with the U.S. Securities and Exchange Commission (SEC) show that Karp sold the stock as recently as May 20 and 21. Shares were sold between $125.26 and $127.70 per share. After the latest stock sales, Karp continues to own 6.43 million shares of PLTR stock worth about $787 million.

Karp isn’t the only senior executive at Palantir who is offloading the company’s stock. Chief Technology Officer (CTO) Shyam Sankar sold about $21 million worth of PLTR stock, while co-founder and president Stephen Cohen sold $43.5 million worth of shares he owned in the company.

Record Highs

The latest stock sales come as Palantir’s shares have hit record highs in recent weeks and the Denver, Colorado-based company became one of the 10 most valuable U.S. technology companies by market capitalization. Investor enthusiasm for PLTR stock has been rising as the company pushes further into artificial intelligence (AI) and wins lucrative government contracts, notably in the area of defense.

However, in its earnings report earlier in May, Palantir removed its full-year guidance, citing international growth concerns. PLTR stock initially fell after the company’s most recent print but has since recovered. So far this year, the company’s share price has risen 62%.

Is PLTR Stock a Buy?

Palantir’s stock has a consensus Hold rating among 18 Wall Street analysts. That rating is based on three Buy, 11 Hold, and four Sell recommendations issued in the last three months. The average PLTR price target of $100.13 implies 18.20% downside risk from current levels.

Read more analyst ratings on PLTR stock