Shares of Palantir Technologies Inc. PLTR took a 7.5% dive in afternoon trading Wednesday, putting them on track for a third-straight loss, which would be the longest such streak in 7 weeks. The software company’s stock has now shed 12% since it closed at a 17-month high of $16.60 on June 15. Many on Wall Street define a decline of at least 10% to up to 20% from a bull-market peak as a “correction.” The stock would enter a bear market, or a decline of at least 20%, with a close at or below $13.28. The stock’s selloff comes after Raymond James cut its rating on Tuesday to outperform from strong buy, saying finding something that could support the high-flying shares has become more challenging. The stock had been on a tear, particularly since early May, as investors and analysts cheered Palantir’s position in the artificial intelligence (AI) race. The stock has soared 88.4% since the end of April, and rocketed 143.3% since it closed at a record low of $6.00 on Dec. 27, 2022. In comparison, the S&P 500 has advanced 4.8% since the end of April, and 14.1% since the end of Dec. 27.
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