To The Moon

Palantir Stock Extends Slump After Execs Led by CEO Karp Sells Millions of Dollars of Shares

$Palantir Technologies Inc.(PLTR)$  's stock extended their slump after a number of executives including CEO Alex Karp disclosed that they sold millions of dollars worth of shares.

Shares fell 3.9% to $152.70 Monday morning. Shares have been on a downtrend since touching an intraday all-time high of $189.46 on Aug. 13. The decline came as investors raised concerns over the company’s valuation. Even after the slump, the stock was still trading at 507X its 12-month trailing earnings and 250X forward earnings. 

 As the stock was tumbling, Karp sold $62.7 million of shares between Aug. 20 to 21, according to his filing with the Securities and Exchange Commission late Friday. The shares were sold at a range of $143.12 to $157.18 each. After the sale, Karp's stake in the company stood at 6.43 million shares, according to the document. 

Chief Technology Shyan Sankar also sold 375,000 shares of Class A common stock for a combined $56.7 million on Aug. 20, a separate filing with the SEC showed. After the transactions, his holdings amounted to 702,786 shares, with additional indirect beneficial ownership of 749,899 shares.

Meanwhile, co-founder and President Stephen Cohen reported the sale of $54 million shares. After completing complex stock transactions, Cohen retained direct ownership of 592 shares. 

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