Palantir (PLTR) Stock Plunges, Breaks Key Support Level

Palantir Technologies Inc. (PLTR) stock fell nearly 7% on Monday, June 22, 2026, closing at $119.50. This marks a new low in over a year and breaches a critical technical support level of $127, which had held since February 2026. The decline signals potential further downside for the data analytics software company. The stock's drop on June 22 saw an intraday low of $119.20, surpassing its previous lowest close of $118.46 on May 12, 2025. PLTR has now declined for four consecutive sessions, totaling a 10% loss, and is down 23% for the month. Year-to-date, Palantir shares are down 32%, significantly underperforming the S&P 500's 9.3% gain and Nasdaq's 13% rise. Despite the recent sell-off, which sees PLTR 41% below its November 3, 2025, high of $207.18, analysts maintain an "Overweight" average rating with a $189.87 price target, implying 57% upside. However, its forward P/E ratio of 73.50x remains elevated compared to the S&P 500's 20.86x.