Palantir Technologies Inc. closed at USD 171.54, a decline of 0.59%.

Options flow was dominated by a single $2.09 million put sale on the March 2027 $150 strike, with 1,350 contracts sold. Total bullish premium reached $2.09 million against $0.00 million bearish, leaving a $2.09 million net bullish difference. The trade suggests a premium-collecting stance with confidence that PLTR will remain above $150 through early 2027, rather than positioning for a sharp decline.

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Options Indicators

PLTR’s implied volatility is 49.47%, while its IV percentile is just 8.37%, which places current option volatility at the low end of its own historical range. In other words, despite the headline IV not looking especially small in absolute terms, the stock’s options are presently priced relatively cheaply versus where they have typically traded, and the IV/HV ratio of 0.45 further suggests implied volatility is running below realized volatility rather than carrying a rich premium. The Call/Put volume ratio is 1.34.

Large Trades

A PUT sale worth $2.09 million was the standout large trade, with 1,350 contracts sold on the March 19, 2027 $150.00 put. With PLTR referenced at $171.54, this strike sits out of the money, making the trade a moderately bullish stance. Selling an out-of-the-money put typically reflects a willingness to collect premium while expressing confidence that the stock will remain above the strike through expiration, and it can also indicate interest in potentially accumulating shares at an effective entry level below the current market.

Overall sentiment in PLTR’s large-trade flow was clearly bullish. Total bullish premium reached $2.09 million versus $0.00 million bearish, leaving a net difference of $2.09 million to the bullish side. With the entire displayed large-trade activity concentrated in an out-of-the-money put sale, the flow suggests traders were leaning toward premium collection and constructive downside confidence rather than positioning for a sharp decline.

Strategy Reference

For a similarly low assignment probability while collecting premium, a seller could consider a shorter-dated put vertical spread, such as selling the $150 put and buying the $130 put in a nearer expiration, to reduce margin requirements and cap tail risk.