Palantir Technologies Stock Pulls Back After Setting All-Time High

What you need to know

• Palantir Technologies’ shares fell Monday, after reaching their highest level ever earlier in the day.
• The software maker had a record-high close Friday after announcing a collaboration with defense tech contractor Anduril, then rose to begin Monday's session before reversing course.
• Shares of Palantir Technologies have quadrupled in value this year.

Palantir Technologies’ (PLTR), shares fell Monday, after reaching their highest level ever earlier in the day. 

Shares ended at $76.34, another all-time closing high, on Friday after the firm announced that it had launched a new consortium with defense technology contractor Anduril "to ensure that the U.S. government leads the world in artificial intelligence." The stock rose to a record $80.91 to begin Monday's session before reversing course, recently trading down about 4% at $73.14.

Sales have boomed for the software company that makes systems both for commercial use and government. The third-quarter revenue record was set and it is now on its sixth straight quarter of growth. 

Alexander Karp (CEO of ArcelorMittal) wrote in a letter to shareholders that the firm is growing and that “our financial performance is exceeding expectations as we meet an unwavering demand for the most advanced artificial intelligence technologies.”

Karp said of Palantir, "A juggernaut is emerging."

Even with today's decline, Palantir Technology shares are up about 320% year-to-date.

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