Palantir Bears Spend $2.375 Million on ITM Put as Stock Sits Near 52-Week Lows

By TrendSpider Editor

A single unusually large put contract totaling $2,375,000 in premium hit the tape for Palantir Technologies Inc. on Friday, July 25, 2026, signaling a notable bearish bet from at least one institutional player. PLTR shares are trading at $122.90, down 0.38% on the session, and sitting much closer to

Palantir Bears Spend $2.375 Million on ITM Put as Stock Sits Near 52-Week Lows

A single unusually large put contract totaling $2,375,000 in premium hit the tape for Palantir Technologies Inc. on Friday, July 25, 2026, signaling a notable bearish bet from at least one institutional player. PLTR shares are trading at $122.90, down 0.38% on the session, and sitting much closer to their 52-week low of $106.375 than their 52-week high of $207.52. With the stock already more than 40% off its peak, this in-the-money put purchase suggests at least one sophisticated options trader is not yet convinced the selloff has run its course.

Key Drivers of the PLTR Stock Move

• Main Catalyst: A single put contract with a $125 strike expiring August 21, 2026 printed with a volume of 2,500 contracts, a premium of $2,375,000, and an open interest utilization of 22%. The contract is currently in the money, meaning it carries immediate intrinsic value at the current price of $122.90.
• Bull Case: The $125 strike is only modestly above the current price of $122.90, and PLTR has already absorbed a steep decline from its 52-week high of $207.52. The stock is closer to its 52-week floor of $106.375, which could represent a support zone that limits further downside and makes this put a short-lived trade rather than a sign of fundamental collapse.
• Bear Case: The $2,375,000 premium deployed on a single in-the-money put expiring in under four weeks is a concentrated, urgent, and costly wager on further near-term weakness. With PLTR already down sharply from its highs and showing a negative session today, momentum remains unfavorable heading into the contract's August 21 expiration.

The forward setup for PLTR looks technically challenged. The stock is pinned in the lower third of its 52-week range, and the options market is showing zero bullish unusual activity to counterbalance this put flow, with the call count coming in at zero alongside one total unusual contract. The August 21 expiration window is short, giving the trader less than four weeks to profit, which implies the bet is tied to a near-term catalyst or a continued technical breakdown rather than a slow fundamental thesis. Traders will want to watch the $106.375 level as a critical floor, and any further deterioration in broader tech sentiment could accelerate the move toward that support.

PLTR Unusual Options Activity

• Type: Put | Strike: $125 | Expiry: August 21, 2026 | Volume: 2,500 contracts | Open Interest Utilization: 22% | Status: In the Money | Premium: $2,375,000

This is the only unusual contract flagged for PLTR today, and it is entirely on the put side. The in-the-money status means the contract already has intrinsic value at the current price of $122.90, and the buyer is paying a substantial $2,375,000 premium for near-term downside protection or outright directional exposure to a continued decline.

PLTR Seasonality

Late July and early August have historically been active periods for Palantir given earnings cycle timing, and with the August 21 expiration landing roughly three to four weeks out, this put could be structured to capture a post-earnings or pre-earnings volatility event. Traders positioning in this window are often pricing in event-driven risk rather than pure trend continuation.

PLTR Relative Performance

PLTR is down 0.38% today at $122.90, trading deep below its 52-week high of $207.52 and only modestly above its 52-week low of $106.375. The stock's position in the lower portion of its annual range suggests it has significantly underperformed during whatever broader market rally has occurred over the past year, and this options activity reinforces the view that institutional players do not expect a near-term mean reversion to the upper end of that range.