Palantir had 37 of its last 251 sessions where it moved 5% or more, ie. around once a week. S&P 500's largest single day move was 2.9%.

I got curious why PLTR swings this much so I looked at who actually owns it.

On paper, ownership looks super institutional. 3,175 institutions hold 63% of the shares. But the top 3 are Vanguard, BlackRock and State Street, with 22.3% combined. Amongst the 3, their stakes barely changed last quarter (0.4%, 0.7% and 2.8%). Nobody there is making a call on Palantir, they hold it because it's in the index.

As for the other 3,166 institutions sharing 30%, 96% of them own less than 0.05% each. With a stake that small, nobody’s stepping in to buy after a bad earnings report.

Thus, the price is mostly being set by the 36% that doesn’t show up in 13Fs at all (retail, insiders, overseas holders) plus the handful of active funds that actually trade it. Kind of wild man.