Palantir Sees $4.28 Million in Bearish Put Activity as Stock Sits Near 52-Week Lows

By TrendSpider Editor

Palantir Technologies is drawing attention in the options market Thursday after two notable put contracts totaling $4.28 million in premium hit the tape, both targeting deep out-of-the-money strikes with December 2028 expiration dates. With PLTR currently trading at $121.68, down 1.07% on the sessio

Palantir Sees $4.28 Million in Bearish Put Activity as Stock Sits Near 52-Week Lows

Palantir Technologies is drawing attention in the options market Thursday after two notable put contracts totaling $4.28 million in premium hit the tape, both targeting deep out-of-the-money strikes with December 2028 expiration dates. With PLTR currently trading at $121.68, down 1.07% on the session, the bearish positioning stands out given the stock is trading much closer to its 52-week low of $106.375 than its 52-week high of $207.52. The long-dated nature of these contracts suggests at least one large player is making a structural bet against Palantir's valuation over a multi-year horizon.

Key Drivers of the PLTR Stock Move

• Main Catalyst: Two unusual put contracts were flagged Thursday, both expiring December 15, 2028. The first is a PUT at the $100 strike with a size of 1,500 contracts and a premium of $3,705,000, representing 12% of open interest. The second is a PUT at the $50 strike with a size of 1,000 contracts and a premium of $575,000, representing 124% of open interest on that line.
• Bull Case: Both strikes, $100 and $50, are deeply out of the money relative to PLTR's current price of $121.68. A buyer of these puts profits only if PLTR falls significantly from current levels, meaning the stock has meaningful cushion before these contracts become a concern. The 124% open interest ratio on the $50 put could also indicate a closing or hedging trade rather than a fresh directional bet.
• Bear Case: The sheer dollar size of the activity is hard to ignore. At $3,705,000 in premium for the $100 strike alone, someone is committing real capital to a scenario where PLTR trades below $100 before late 2028. With the stock already down more than 41% from its 52-week high of $207.52, the $100 level is not an implausible target if sentiment deteriorates further.

The forward setup for PLTR is complicated by its current position in the 52-week range. Trading at $121.68, the stock is hovering only about 14% above its 52-week floor of $106.375, leaving limited downside buffer before technically significant levels are tested. The long expiration on both put contracts, stretching all the way to December 2026, suggests whoever placed these trades is not expecting an immediate collapse but is instead positioning for prolonged pressure or a slow grind lower over the next two and a half years. Investors will want to monitor whether additional bearish flow emerges in coming sessions, as the 124% open interest ratio on the $50 strike suggests that particular line was relatively lightly traded before today's activity.

PLTR Unusual Options Activity

Two put contracts were flagged as unusual on Thursday, both expiring December 15, 2028, with a combined total premium of $4,280,000 across 2,500 contracts.

• Contract 1: PUT | Strike: $100 | Expiry: December 15, 2028 | Volume: 1,500 | Open Interest: 12% | Out of the Money | Premium: $3,705,000
• Contract 2: PUT | Strike: $50 | Expiry: December 15, 2028 | Volume: 1,000 | Open Interest: 124% | Out of the Money | Premium: $575,000

No call-side unusual activity was flagged on the session, with a call count of zero to offset the bearish flow. The absence of any bullish options positioning in today's unusual activity report tilts the read on smart money sentiment squarely to the downside.

PLTR Seasonality

Late July and early August have historically been an active period for Palantir given the stock's typical earnings cycle, which can introduce elevated volatility and attract options players looking to position around macro catalysts. Long-dated put activity initiated in this window may be designed to ride out near-term earnings noise while maintaining a structural bearish thesis into 2028.

PLTR Relative Performance

PLTR is down 1.07% on the session at $121.68, underperforming against a broader backdrop where AI-adjacent software names have faced valuation compression through 2026. The stock's position near the lower end of its $106.375 to $207.52 52-week range indicates it has meaningfully lagged the highs set earlier in the trailing year, and today's unusual put flow does little to suggest institutional confidence is rebuilding at current levels.