Snowflake and Palantir Slump Into 2021 With Worst Week on Record

Snowflake Inc. and Palantir Technologies Inc., two of the best performing technology stocks to debut in 2020, ended the year with a whimper as investors locked in profits.

The stocks both fell more than 6% Thursday, wrapping up the worst week on record for both companies since listing in September. Cloud-computing company Snowflake declined 13% this week. Palantir, which makes data-mining software, shed 15%.

Snowflake and Palantir Slump Into 2021 With Worst Week on Record

Despite the dismal week, shares of both companies have still produced triple-digit gains. Snowflake has gained 135% since its Sept. 16 initial public offering, while Palantir is up 225% since its Sept. 30 direct listing.

©2021 Bloomberg L.P.

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