NEW YORK, June 26, 2026, 13:04 (EDT)
- Palantir was up 5.5% at $113.18 in recent trading. Volume hit 30.4 million shares.
- The move brought back around $15.2 billion in market cap, though shares are still down 45.4% from their November close at $207.18. MarketWatch
- Russell reconstitution is set for Friday after the close. Roughly $12.2 trillion is tied to Russell products. Nasdaq-listed stocks will get priced by the Nasdaq Closing Cross. LSEG
Palantir Technologies Inc. (NASDAQ:PLTR) jumped 5.5% to $113.18 on Friday, recovering after hitting a 52-week low of $106.37 the day before. Software stocks climbed while chips dropped. The iShares Expanded Tech-Software Sector ETF (BATS:IGV) was up 3.4%. The VanEck Semiconductor ETF (NASDAQ:SMH) lost 3.1%. The Invesco QQQ Trust (NASDAQ:QQQ) edged down 0.5%. Investor’s Business Daily
Investors watching more than just Friday’s move. At a market cap near $291 billion, the day’s jump put back around $15.2 billion by straight price-to-market-cap math. Still, the stock is trading about $241.6 billion under what it was worth at its record close from November.
Friday’s close matters more than usual. FTSE Russell’s semi-annual reconstitution takes effect after the U.S. equity market closes, with new indexes set to launch from Monday’s open. According to LSEG, Nasdaq-listed stocks will use the Nasdaq Closing Cross to set the price on June 26. LSEG
That’s key for Palantir as the stock heads into a closing auction expected to be bigger than a typical Friday. LSEG said about $12.2 trillion in investor assets track or are invested in Russell-linked products. $217.2 billion traded at the close during the June 2025 rebalancing. LSEG
Reconstitution day on Friday is set to drive about $150 billion in total trade, Reuters said. Steven DeSanctis, equity analyst at Jefferies, expects a “really massive trade” and called the turnover “dramatic.” Melissa Roberts at Stephens called it a “key liquidity day.” Reuters
Palantir finished Thursday at $107.27, dropping 5.5% for seven days in a row of losses. By the close, shares were down 31.5% for June. That has Palantir heading for its biggest monthly drop since February 2021, MarketWatch said. MarketWatch
Wedbush analyst Dan Ives stuck with a buy rating. “Way oversold for a premium golden asset,” Ives wrote in an email quoted by Investor’s Business Daily on Thursday. “Remains one of our favorite names and sentiment so overly bearish.” Investor’s Business Daily
Valuation is still in focus. Palantir traded around 127 times earnings as of the last check, with EPS at $0.89. That’s even after shares pulled back from the November peak.
Palantir shares are under pressure as IBD pointed to concern that AI players like OpenAI and Anthropic might go after government deals, which are key for Palantir. The outlet said Palantir topped March-quarter revenue and earnings forecasts, but U.S. commercial sales fell just short. Investor’s Business Daily
A close above $107.27 would break the seven-day skid. Wall Street is watching the 4 p.m. Nasdaq Closing Cross, the same tool LSEG plans to use for the FTSE Russell rebalancing on Nasdaq stocks. LSEG
