Palantir Stock Sees Unusual Put Activity Totaling $2M as Shares Trade Near 52-Week Lows

May 26, 2026

By TrendSpider Editor

Palantir Stock Sees Unusual Put Activity Totaling $2M as Shares Trade Near 52-Week Lows

Palantir Technologies Inc. is drawing attention in the options market today after two unusual put contracts surfaced, combining for a total premium of $2,044,630. With PLTR currently trading at $137.99, up just 0.81% on the session, the bearish positioning is notable given that shares sit closer to the 52-week low of $118.93 than the 52-week high of $207.52. The options activity suggests at least some large players are hedging against, or outright betting on, continued downside over the next 16 months.

Key Drivers of the PLTR Stock Move

Main Catalyst: Two unusual put contracts were flagged today, both targeting the September 17, 2027 expiration. The largest involves a $120 strike put with a size of 900 contracts and an open interest increase of 22,500%, carrying a premium of $1,953,000. A second $155 strike put, currently in the money, printed with a size of 22 contracts at a premium of $91,630 and an open interest change of 1,000%.
Bull Case: The $120 strike put sits well below the current price of $137.99, meaning the stock would need to fall more than 13% from here to reach that strike at expiration in September 2027. Bulls can argue this contract is primarily a deep hedge rather than a high-conviction directional bet, and that the stock holding above its 52-week low of $118.93 reflects underlying support.
Bear Case: The in-the-money $155 strike put signals that at least one options participant sees meaningful probability of PLTR remaining below $155 through September 2027. Taken together, both contracts reflect a market that is far from optimistic, with PLTR already trading roughly 33% below its 52-week high of $207.52.

The forward setup for Palantir is a study in contrasts. The stock has shed significant ground from its peak above $207, yet it continues to hold above its 52-week floor near $119. The longer-dated nature of both put contracts, expiring in September 2027, points to a structural concern rather than a near-term event trade. Investors will be watching whether the current price level around $138 can serve as a base or whether the broader pressure that has weighed on high-multiple tech names continues to compress PLTR's valuation. With no earnings catalyst immediately on the horizon as of today, Tuesday, May 26, 2026, options flow like this tends to set the tone for sentiment heading into the summer.

PLTR Unusual Options Activity

Two put contracts were flagged as unusual today, both expiring on September 17, 2027:

Contract 1: Put | Strike: $120 | Expiry: September 17, 2027 | Volume: 900 | Open Interest Change: 22,500% | Out of the Money
Contract 2: Put | Strike: $155 | Expiry: September 17, 2027 | Volume: 22 | Open Interest Change: 1,000% | In the Money

The $120 strike contract is the dominant trade by both size and premium, accounting for $1,953,000 of the $2,044,630 total premium seen today. The open interest surge of 22,500% on the $120 strike indicates this is largely new positioning rather than a roll of an existing trade, making it one of the more aggressive single-day additions to PLTR's options chain.

PLTR Seasonality

Late May and early summer have historically represented a mixed period for high-growth technology names, with volume often thinning ahead of the summer months and positioning adjustments common following the spring earnings cycle. The choice of a September 2027 expiration suggests these traders are looking well past any near-term seasonal patterns.

PLTR Relative Performance

PLTR's modest 0.81% gain on the session offers little comfort given the broader context. The stock remains approximately 33.5% below its 52-week high of $207.52 and just 16% above its 52-week low of $118.93, leaving it in the lower half of its annual range. This positioning relative to its 52-week band underscores why longer-dated put buyers may see the current price as an attractive entry point for downside protection rather than a sign that the worst is already priced in.