The software stock is pulling back from a record high
Tech stocks dominated the options pits in 2024, all the way up into the last two weeks of the year. Software concern Palantir Technologies Inc (NASDAQ:PLTR) is fresh off its Nasdaq-100 Index (NDX) debut and was the fifth most heavily traded stock over the last 10 days, according to a list from Senior Quantitative Analyst Rocky White featuring names that drew the most options volume in that time frame.
PLTR saw 4,499,603 calls and 3,213,271 puts exchanged during this time. The most active contract within that period was the December 80 call, with the weekly 12/27 80-strike call not too far behind.
PLTR was last seen down 2.3% to trade at $73.88, looking to extend its pullback from a Dec. 24,
record high of $81.09. The stock is on track for its fifth-straight daily loss, though support at the 30-day moving average looks like it will contain it. Year over year, the shares are up a massive 367%.
At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), PLTR's 50-day put/call volume ratio of 0.75 ranks in the 98th annual percentile. This suggests that while calls still outpace puts overall, options traders have been more bearish than usual.
It's also worth noting the stock's
Schaeffer’s Volatility Scorecard (SVS) sits at 87 out of 100. This indicates PLTR has consistently outperformed volatility expectations in the last 12 months.