Insiders were permitted to sell 20% of their shares in the direct-listing IPO, and the remaining 80% were opened up for trading Thursday.
Palantir recently traded at $25, down 7.7%. The stock also skidded after its Tuesday earnings report and has slid 34% in the past week.
To be sure, has still well more than doubled -- up 166% -- since its first day of trading as investors have flocked to cloud-based data-analytics companies.
And many analysts are still bullish on Palantir. On Wednesday, Goldman Sachs upgraded the stock to buy from neutral and more than doubled its share-price target to $34 from $13.
Goldman was pleased with Palantir’s fourth-quarter report.
Palantir's loss narrowed to 8 cents a share from 29 cents in the year-earlier quarter. Analysts polled by FactSet expected a loss of 3 cents.
Revenue was $322 million, up 40% from a year earlier and ahead of analysts’ consensus forecast of $300 million.
Goldman analysts noted that Palantir’s earnings before interest and taxes came in at more than twice (up 115%) its estimates.
“We were encouraged to see management guide to $4 billion of revenue in 2025, implying 30% compound annualized growth from 2020,” they said.
“With a growing backlog of $2.8 billion in deal value (up 31% year on year), we believe there is increasing visibility into the achievability of that long-term target.”