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Palantir shares fall 12%, putting meme rally on hold
Shares of Palantir ( PLTR ) fell more than 12% after the company's latest quarterly earnings call, which included a full-year revenue forecast that failed to impress investors.Palantir issued full-year revenue guidance in a range of $2.68 billion to $2.69 billion. That was roughly in line with the $2.68 billion analysts were expecting. But with shares already up about 15% over the past five days, that guidance wasn't enough to sustain the stock's rally.“Results have been solid, but we believe investors are focused on the multiple with stock trading on the 16 [times 2024 revenue] (the highest in our universe) and a 47% increase [year-to-date] in print,” Jefferies analyst Brent Thill wrote in a note to clients on Tuesday morning.The fall in the AI software player's stock followed a similar playbook to that of other AI favorites this earnings season. By and large, after huge rallies over the past year, AI-related names outside of Nvidia ( NVDA ) have failed to impress investors this earnings season.Citi analyst Tyler Radke noted that Palantir's latest release showed solid upside for the company, prompting the analyst to raise his revenue and earnings estimates for the year. However, Radke maintained a "neutral" rating on the stock, noting that Palantir trades at "one of the highest" valuations in software.Photo by: STRF/STAR MAX/IPx 2021 2/21/21 Palantir and WallStreetBets logos photographed from various Apple devices. (STRF/STAR MAX/IPx)The reaction appeared to halt a broader rally in recent days among meme stocks, or those that often trade at stretched valuations that are typically detached from the traditional fundamentals that stock analysts would recommend.SoundHound AI ( SOUN ), a recent popular AI trade, had seen its stock hit double-digit levels on Monday, with no catalyst in sight. Shares fell more than 2% on Tuesday.GameStop ( GME ) and AMC ( AMC ), popular retail trades since the initial meme stock rally in 2021, have been up in recent sessions. GameStop had risen nearly 45% in the past week, but shares fell about 6% on Tuesday. AMC fell more than 4%.The same could be said for other names, such as Carvana (CVNA), which had rallied more than 40% since the company reported earnings on May 1, trading higher in each session until a slight dip on Tuesday.Trends in meme stocks have been closely watched by equity strategists, with the market approaching a record high as a possible sign that market sentiment has become too frothy. For now, generals don't think that's the case.Deutsche Bank's equity strategy team noted in a weekly note on Monday that risk appetite has picked up recently, but remains "slightly above average" and has room to move higher. Citi strategists expressed a similar reading of the Levkovich Index, which takes into account investors' short positions and leverage, among other factors, to determine market sentiment.The story continuesAfter surpassing "euphoric" levels in March, the latest reading on Friday showed the Levkovich index has exited the euphoric stage, indicating that sentiment has "returned to normal" amid the market's April pullback, he wrote the Citi team led by Scott Chronert in an investigation. Note.The next test of sentiment for meme names is expected after the bell, when Reddit ( RDDT ), the stock exchange chatroom host that exploded in popularity in 2021, reports its first quarterly results as a public company. Josh Schafer is a reporter for Yahoo Finance. Follow him to X @_joshschafer.Click here for in-depth analysis of the latest stock market news and events that move stock prices.Read the latest financial and business news from Yahoo Finance
