Palantir Technologies Inc.’s shares closed at USD 124.57, down 6.10 percent from the prior close. The session saw notable options activity, headlined by two substantial out-of-the-money put sales worth a combined $6.85 million, suggesting large traders are positioning for the stock to find support at lower levels.

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Options Indicators

PLTR’s implied volatility is 73.15%, and with an IV percentile of 94.42%, current option volatility sits in a clearly elevated range, indicating that contracts are priced expensively relative to their own historical levels. The IV/HV ratio of 1.54 further shows implied volatility is running well above realized volatility, suggesting the options market is assigning a sizeable premium to future uncertainty and event risk. In this setup, outright option buyers face a relatively high entry cost, while premium-selling approaches or defined-risk spreads may offer a more efficient way to structure exposure. The Call/Put volume ratio is 2.39.

Large Trades

A PUT sale worth $4.29 million was the largest displayed trade, with 2,000 contracts sold on the December 15, 2028 $95.00 put. With PLTR referenced at $124.57, the strike sits out of the money, making this a moderately bullish short-put position. Strategically, the seller is collecting premium while expressing confidence that the stock can remain above $95.00 through expiration, or at least not fall far enough to make assignment unattractive. The trade reflects willingness to take downside exposure at a lower effective entry level, which is typically consistent with constructive longer-term sentiment rather than outright bearish positioning.

A second large single-leg trade worth $2.56 million involved the sale of 2,000 contracts of the June 17, 2027 $100.00 put. This strike is also out of the money versus the $124.57 reference price, so the position again signals a bullish premium-collection stance. By selling downside puts at a level well below the current stock price, the trader appears to be betting that PLTR will hold above $100.00 over time, while monetizing elevated option premium. Taken together with the larger 2028 put sale, this trade reinforces the view that institutional-sized flow is comfortable leaning long through cash-secured or margin-backed put writing rather than chasing upside through call buying.

Overall sentiment across all large trades was bullish, with $7.59 million in bullish flow versus $2.12 million in bearish flow, for a net bullish difference of $5.47 million. The directional judgment is clearly positive: large traders showed a meaningful preference for bullish structures, led by substantial out-of-the-money put selling that suggests confidence in downside support and a willingness to accumulate risk at lower levels. While there was some bearish or capped-upside activity in call selling, the magnitude of bullish premium-selling and supportive directional positioning outweighed those trades decisively, leaving the broader large-trade picture constructive for PLTR.

Strategy Reference

For traders seeking to collect premium with a low probability of assignment, selling puts at strikes like $90.00 or $85.00—further out of the money than the observed trades—could be considered; for those preferring to limit margin requirements, a bull put spread using these strikes would define the maximum risk.