Palantir Technologies Inc (NASDAQ:PLTR) stock was last seen down 7.5% at $145.98 and heading for its sixth-straight daily drop. The shares have been tumbling since their August 12 record high of $190, and are now 25% below that level. Year-to-date, the equity is still up 89.5%.
Options bears are chiming in on the selloff. So far today, 658,000 puts have been exchanged -- triple the intraday average put volume -- compared to 563,000 calls. The weekly 8/22 140-strike put is the most popular contract, with new positions being opened there.
Puts have been more popular over the last two weeks, too. PLTR's 10-day put/call ratio of 1.21 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than all other readings from the past year.
These options are reasonably priced at the moment, too. PLTR's Schaeffer's Volatility Index (SVI) of 55% ranks in the low 19th percentile of its annual range, meaning options traders are pricing in low volatility expectations.
