Shares of Palantir Technologies Inc. (PLTR) surged 7.3% in premarket trading Friday, to put them on track to snap a record-long losing streak, which was fueled by a lockup expiration and disappointing quarterly results ( ). The data integration and software company's stock had tumbled 34.1% over the past six sessions. On Thursday, the date of that the lockup expired, which sharply increased the shares available for sale ( ) by existing shareholders, the stock had dropped 7.1% on very heavy volume of 313.2 million shares. The previous longest losing streak since the stock went public on Sept. 30, 2020 was four sessions, seen four times, in February, December and twice in October. The stock has run up 32.6% over the past three months through Thursday, while the Renaissance IPO ETF (IPO) has has advanced 27.3% and the S&P 500 has gained 9.3%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
February 19, 2021 09:02 ET (14:02 GMT)
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