3M Stocks – Palantir Technologies Inc extends losses as insiders selloff shares

• NYSE:PLTR fell again on Thursday shedding 9.40% amidst a global market selloff.
• Palantir announces a new strategic partnership with 3M to build up its digital supply chain.
• Palantir is embroiled in a lawsuit regarding one of its UK contracts. 

NYSE:PLTR has had a rough week, to say the least, as a mixed quarterly earnings report and the expiration of its IPO lockup period has caused shares to plummet. On Thursday that selloff was extended alongside the broader market correction that has hit the stock market for the past couple of trading weeks. Palantir fell by 9.40% to close the trading session at $23.91, which is now over 45% off of its all-time highs of $45.00 which came earlier in the month. It has been a fairly steady decline for Palantir in February despite earning temporary status as a Reddit meme stock at the end of January. 

Palantir did announce a promising new partnership with industrial conglomerate 3M (NYSE:MMM). The agreement will have 3M using Palantir’s Foundry software to improve its digital supply chain and all-around logistical evolution, as 3M attempts to modernize itself in the new world of eCommerce business. Just add 3M to the multiple high-end contracts that Palantir has added this year, including ones with the U.S. Government, IBM (NYSE:IBM), and SOMPO Holdings, a Japanese healthcare and insurance company. 

PLTR stock forecast

On Thursday it was also announced that Palantir is in the midst of a lawsuit filed by Open Democracy, a UK based political website. The lawsuit comes on the heels of Palantir and the N.H.S. or the National Health Services of the UK agreeing on a new contract extension. Open Democracy has been openly critical of Plantir in the past and the site claims that the contract was extended without any public input regarding the future of Palantir’s access to citizen data.