Palantir Stock Falls Another 2%. Shares Have Retreated About 10% From Its High
Palantir stock fell another 2% on Monday. Shares have retreated about 10% from its high.
Citron Research founder and famed short seller Andrew Left is now targeting the same group of investors by shorting Palantir Technologies, a popular retail darling.
Left famously shorted GameStop stock in 2021 before the stock went parabolic with a surge of retail traders pouring into the video game retailer to take on hedge funds and short sellers betting against the company.
Left lost money on his GameStop trade and once said that Citron would stop issuing short reports on companies.
A change of heart has led Citron to issue both long and short calls on stocks.
Last Wednesday, Left announced he was short Palantir, calling the company "beyond overvalued."
"It's become a retail darling," Left said during an interview with Fox Business.
Left said it's become obvious the stock is overvalued based on metrics and highlighted that he's not a hater of the company by shorting the stock.
"I like Alex Karp, I like Alex Karp's politics, I like Alex Karp as a person," Left said of the Palantir CEO.
Left said that even if Palantir was the greatest company ever created and you assigned the highest multiple to it, the stock is still higher than that price.
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