Why Palantir, Okta, and MongoDB Were Plunging Today
Shares of Palantir (NYSE: PLTR), Okta (NASDAQ: OKTA), and MongoDB (NASDAQ: MDB) were falling hard today, down 8.1%, 6.2%, and 7.1%, respectively, as of 3:50 p.m. ET.
The pullback in these names occurred on a bad day for high-growth technology names, as once again, the specter of once-in-40-year inflation reared its ugly head, fueled by a new home price report and rising oil prices. When that happens, high-multiple growth names like these three tend to suffer, even if their businesses are performing well.
There wasn't any material news out of any of these companies today; in fact, there has been nothing but bullish commentary on all three recently from the analyst community. Last week, Piper Sandler analyst Weston Twigg raised his price target on Palantir to $16, up from $15, on optimism the big data analytics company would be winning more business from the U.S. government. Two weeks ago, analysts at Morgan Stanley saw an "attractive entry point" for Okta shares, after they had fallen following an unfortunate data breach, which turned out to be smaller than first thought. Meanwhile, MongoDB has also been getting bullish commentary over the past month, ever since its blockbuster earnings report in March smashed expectations, with analysts at UBS saying the disruptive database company's moat over rivals was widening.
Source Fool.com
