Michael Burry has re-entered out-of-the-money put trades on Palantir Technologies Inc., purchasing March 2027 puts with strike prices in the low-to-mid $100s as option volatility cooled.
Burry sees Palantir shares at under $1 over the long run.
The investor added to his position in animal health leader Zoetis Inc., arguing its share price decline has cleared out weak-handed retail investors while offering superior margins over competitors.
Investor Michael Burry on Monday doubled down on his high-stakes bet against Palantir Technologies Inc. (PLTR), re-establishing out-of-the-money put positions even as the software firm’s stock continues to trade near historic highs.
Writing in his Cassandra Unchained report, Burry revealed that he bought PLTR March 2027 puts struck in the low-to-mid $100 range. The move follows a period in which Burry had partially covered his short near $107. Taking advantage of a drop in implied volatility that brought options pricing down to multi-month lows, Burry refreshed his bearish stance on the enterprise AI company, which he notes is once again trading at nearly 69 times sales.