• Scion's 13F, filed with the SEC on Nov. 3, disclosed put options on Palantir, with the underlying shares valued at $912.10 million. 
• Karp has filed to sell 585,000 Palantir shares, valued at $95.93 million. 
• His previous divestment was in late August when he disposed of 186,194 shares valued at $29 million.

Palantir stock has lost 25% since“Big Short” fame investor Michael Burry's Scion Asset Management, which has now been deregistered, disclosed a bearish bet on the artificial intelligence (AI)-powered data analytics company. Insiders have now sprung into action, offloading some of their stake.

Scion's 13F, filed with the SEC on Nov. 3, disclosed put options on Palantir, with the underlying shares valued at $912.10 million. Burry went on record, saying the bearish bet on Palantir cost him $9.2 million, and not $912 million as the media stated.

Offloading In Droves

A series of Form 144 filings with the SEC showed that company executives led by co-founder and CEO Alex Karp have proposed selling Palantir shares worth $207 million. A Form 144 is a notice filed with the SEC that informs the public of an insider's intent to sell restricted or control securities. It is required when an individual plans to sell more than 5,000 shares or securities valued at over $50,000 in three months.

Karp has filed to sell 585,000 Palantir shares, valued at $95.93 million. His previous divestment was in late August when he disposed of 186,194 shares valued at $29 million. Director Stephen Cohen proposed selling 405,000 shares at $66.41 per share. Other executives eyeing sales include CTO Shyam Sankar, CFO David Glazer, and Chief Revenue Officer Ryan Taylor.

What Retail Feels About Palantir Stock

On Stocktwits, retail sentiment toward Palantir stock has remained 'bearish' as of early Friday, and the message volume on the stream remained 'low.'

A bearish user based his view on the stock's technicals.”Officially now in a bear market now on the stock chart. Trendline break and below all key moving avgs,” they said.“Shorts will be all over this now.  Sell into rallies.”

According to Koyfin, the stock's short interest is 2.10%, down more than half from January levels.

Palantir stock has traded in a 52-week range of $61.37 to $207.52, which is its all-time high set on Nov. 3. The stock has gained 106% this year.

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