PLTR Options Flow Leans Bearish After Earnings Beat Fails to Lift Shares
A $175 November put led the listed prints as net premium turned negative by $46.2M
Photo by Austin Distel on Unsplash
PLTR net options premium sits at negative $46.2M a day after earnings, with a $175 November put the largest listed print, near the current share price.
Net premium turns negative after the beat
PLTR options flow is net bearish by $46.2M today. Palantir beat on revenue Monday night, raised its full year outlook, and the stock still closed down about 1.65% Tuesday near $175 after trading much lower earlier in the session.
The largest listed print was a $175 put expiring Nov 20 for $0.11M. That strike sits almost on top of the current share price, which makes it a hedge or a directional bet on a retest of recent lows. The tape alone doesn't tell us which.
What the listed prints show
The rest of the alerts are small and spread across both sides. In the Nov 6 weekly, a $180 call printed $0.04M, a $182.5 call $0.02M and a $190 call $0.01M. On the downside, a $167.5 put added $0.02M and a $165 put $0.01M. Further out, a $205 call for Nov 20 drew $0.01M and a $240 call for Jan 15, 2027 drew $0.02M.
None of these tickets explains a $46.2M net figure on its own. The imbalance comes from broader activity across the chain, and the whale-sized prints are a thin slice of it. The takeaway is that upside lottery tickets are still being bought while the heavier premium is leaning toward protection.
Why the market is hedging a good quarter
Revenue rose 96% to $2.313B, but the forward indicators are what traders are pricing. U.S. commercial total contract value of $1.5B grew 11%, and the Q4 guide implies 15% sequential growth against 20% a year ago. For a stock carrying a very high multiple, deceleration in the leading metrics matters more than a trailing beat.
There's a historical parallel in 2022, when high multiple software de-rated hard as real yields rose, even where reported growth stayed strong. The counterargument is real here. Net income more than doubled to $1.13B and the full year revenue outlook of roughly $8.53B sits well above the prior consensus of $8.2B. Fundamentals are not the issue. The price paid for them is.
What to watch in the next 2-4 weeks
The Nov 6 weekly expires within days, so the $165 to $190 strikes that drew prints will resolve quickly and clear some of the short dated noise. The Nov 20 expiry is the more informative one. If that $175 put position keeps growing while the stock holds near spot, hedging is the likelier read than outright conviction.
On the macro side, long duration growth names stay sensitive to moves in real yields, so rates matter as much as company news here. Check the [Sector Rotation dashboard](/sector) for whether software is losing relative strength to broader tech. The next earnings report is not expected until early February 2027, which leaves a long stretch where flow and rates, not fundamentals, set the tone.