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Benzinga
Benzinga
Business
Henry Khederian

Why Palantir Technologies Shares Are Falling

Shares of several companies in the broader technology sector, including Palantir Technologies Inc (NYSE:PLTR), are trading lower as investors weigh Wednesday's Fed announcements and assess tapering outlook. Expected rate hikes for 2022 which could weigh on tech and growth stocks.

Palantir shares are also trading lower amid overall market weakness as omicron variant concerns weigh on stocks across the broader tech sector.

See Also: Jim Cramer Weighs In On Ford's Stock: 'I Don't Think It's Done Going Up'

Palantir provides organizations with solutions to manage large disparate data sets in an attempt to gain insight and drive operational outcomes. Founded in 2003, Palantir released its Gotham software platform in 2008, which focuses on the government intelligence and defense sectors. Palantir expanded into various commercial markets with its Foundry software platform in 2016 with the intent of becoming the data operating system for companies and industries.

Palantir has a 52-week high of $45.00 and a 52-week low of $17.06.

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