Palantir Technologies Stock Pulls Back After Setting All-Time High

Palantir Technologies (PLTR) shares retreated Monday after hitting their latest all-time high earlier in the session. 

Shares ended at $76.34, another all-time closing high, on Friday after the firm announced that it had launched a new consortium with defense technology contractor Anduril “to ensure that the U.S. government leads the world in artificial intelligence.” The stock rose to a record $80.91 to begin Monday’s session before reversing course, recently trading down about 4% at $73.14.

The software maker for both commercial and government systems has seen sales boom, setting a quarterly revenue record in the third quarter and posting its sixth consecutive quarter of revenue growth. 

Chief Executive Officer (CEO) Alexander Karp wrote to shareholders last month that the business is accelerating, and that “our financial performance is exceeding expectations as we meet an unwavering demand for the most advanced artificial intelligence technologies.”

Karp said of Palantir, “A juggernaut is emerging.”

Even with today’s decline, Palantir Technology shares are up about 320% year-to-date.