10 Firms Mirror Wall Street Decline

7. Palantir Technologies Inc. (NASDAQ:PLTR)

Shares in Palantir Technologies dropped by 7.81 percent or $5.93 on Tuesday to close at $69.99 apiece after Cathie Wood’s top ETFs sold nearly 200,000 shares of PLTR stock yesterday.

Wood’s ETFs sold a combined total of nearly 197,000 shares of Palantir stock, worth about $15 million.

On the same day, Palantir earned an “underweight” rating from Morgan Stanley analyst Sanjit Singh, citing valuation. He said that the firm’s growth “is more than priced in.”

Additionally, Singh said that the shares may not climb without clear indications that analysts’ estimates for the technology firm will rise. He projected a $60 price target on the shares which is well below its current valuation.