Palantir Technologies Inc. closed at $174.34, up 1.03%.

Palantir Technologies Inc. closed at $174.34, up 1.03%, with notable options activity following the session. The largest displayed trade was a $1.79 million long-dated put purchase, signaling bearish conviction. Meanwhile, a $420 thousand put sale offered a moderately bullish counterpoint, though the overall large-trade flow leaned bearish as capital concentrated in downside protection.

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Options Indicators

PLTR’s implied volatility is 53.75%, and with an IV percentile of 27.09%, current option pricing sits in the lower end of its historical volatility range, suggesting options are relatively cheap rather than richly priced. The IV/HV ratio of 1.04 indicates implied volatility is only slightly above realized volatility, so premiums appear broadly in line with recent actual movement rather than showing a significant volatility premium. The Call/Put volume ratio is 1.52.

Large Trades

A put purchase worth $1.79 million was the largest displayed trade, with buyers taking 1,200 contracts of the January 15, 2027 $160.00 put. With PLTR referenced at $174.34, this strike is out of the money, making the position a clear bearish wager that the stock could weaken meaningfully over a longer time horizon, while also serving as downside protection against a substantial pullback. The size and long-dated tenor suggest conviction in downside risk rather than a short-term tactical hedge.

A put sale worth $420 thousand was the other displayed large trade, involving 6,189 contracts of the September 18, 2026 $165.00 put. This strike is also out of the money versus the $174.34 reference price, so the seller is expressing a moderately bullish view by betting PLTR will stay above $165.00 into expiration and allowing the options to decay. Strategically, this is consistent with premium collection or a willingness to accumulate shares at a lower effective entry point, reflecting confidence that downside will remain limited over the medium term.

Overall, the large-trade flow leans bearish on PLTR. Although there was one notable bullish put sale, the dominant capital was concentrated in put buying, including the biggest trade of the session, which signals stronger demand for downside exposure than for income-oriented bullish positioning. Taken together, the block activity points to cautious-to-negative institutional sentiment, with larger traders appearing more focused on protecting against or positioning for weakness than on chasing further upside.

Strategy Reference

For a low assignment probability, a seller could consider the September 18, 2026 $165.00 put itself, which the block seller used to collect premium while betting PLTR stays above that OTM strike; alternatively, a bear put spread like buying the January 15, 2027 $160.00 put and selling a lower $140.00 put would define risk and reduce capital outlay, aligning with the bearish conviction seen in the largest trade without requiring full downside exposure.