After popping 2% in early morning trading,Palantir(NYSE:PLTR) has since slipped into the red. As of closing, PLTR stock fell 6.7%, following the broader markets lower.
Risk-off sentiment among traders appears to be fueling downside moves in major names. Palantir is a stock that has gained notoriety over the past year as a meme stock, surging alongside other popular stocks in a retail investor boom.
However, in recent months, PLTR stock has slipped as investors rotate into more defensive companies. Palantir is a publicly traded business that’s been around for a long time, but it has yet to prove it can be a profitable long-term holding. In the absence of substantial fundamental improvement, investors may have gone elsewhere for growth.
That said, let’s dive into the latest partnership news that some investors are watching.
What’s Going On with PLTR Stock Today?
Today, Palantir announced the company would be expanding into South Korea. Via a partnership with Hyundai Heavy Industries Group, Palantir will build a big data platform joint venture. This partnership diversifies Palantir’s revenue stream, and was initially viewed positively by the market.
However, continued slippage among the most popular stocks for retail investors has continued this afternoon. Investors appear to be looking past key catalysts, taking a rather dim view of the market in 2022. For investors in PLTR stock, this trajectory is one many didn’t see coming into the new year.
Broadly speaking, Palantir’s joint venture deal with Hyundai appears positive. Gaining more exposure to the industrial segment, as well as the Asian market, should bode well for shareholders. That said, the degree to which this partnership will boost profitability remains uncertain. Accordingly, investors seeking growth appear to be looking past Palantir today.
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