Shares of Palantir Technologies Inc. PLTR, -6.72% sank 4.4% on heavy volume toward a sixth straight loss in morning trading Thursday, putting them on track to suffer their longest losing streak since going public. Trading volume spiked to 125.9 million shares, already more than double the full-day average of 66.2 million shares over the past 30 days, and enough to make the big-data software company’s stock the most actively traded on major U.S. exchanges. The stock has tumbled 32.2% during its losing streak, and has now dropped 33.6% since closing at a record $39.00 on Jan. 27. Helping fuel the declines was a disappointing fourth-quarter report earlier this week, in which the company reported a surprise loss, although revenue rose more than forecast. Despite the recent selloff, the stock, which went public on Sept. 30, has still rallied TK% over the past 30 days, while the Renaissance IPO ETF IPO, -2.74% has climbed 28.4%, the SPDR S&P Software and Services ETF XSW, -2.01% has hiked up 31.9% and the S&P 500 SPX, -0.93% has gained 9.2%.
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