Updated 21 October 2026. Palantir (PLTR) closed at $192.60 on Tuesday 20 October, down $1.55 or 0.8 percent, after trading $189.42-$196.11, and was $193.44 in after-hours trading at 19:59 ET (StockAnalysis). The new overhang: HSBC Asset Management is reviewing whether Palantir stays in its roughly $9 billion Islamic Global Equity Index fund after questions from UK pension schemes Nest and People’s Pension (Financial Times, via Investing.com). Verdict: a forced seller of a $38 million stake is noise against a $463 billion market cap, but it is the second ESG-style exclusion story this month for a stock that trades at 165 times earnings. Reference levels: $186 below, $213 above.
Key facts
- Tuesday close: $192.60, down 0.8 percent, after Monday’s 4.4 percent gain to $194.15, the best day since early September. Range $189.42-$196.11. After hours $193.44 (StockAnalysis, 20 October).
- Valuation: market cap $462.8 billion, trailing P/E 164.7, 52-week range $106.37-$212.94 (StockAnalysis).
- HSBC review: HSBC Asset Management is weighing removing Palantir from its Islamic Global Equity Index fund, which tracks the S&P Global 1200 Shariah Select Index and bought $38.3 million of Palantir shares in the first half of 2026. Nest said senior executives began talks with HSBC after member questions; People’s Pension also contacted the manager. HSBC said it would assess whether its approach meets investor expectations (Investing.com, citing the Financial Times, 20 October).
- The objection: critics cite Palantir’s US and Israeli defence work. Umer Suleman of the Islamic Finance Council UK said several fund investors had voiced “outrage and shock” at the holding. Government agencies in Switzerland, Germany and France have rejected or replaced Palantir tools (Investing.com).
- Analyst targets: Mizuho raised to $245 from $215 on 15 October; Baird $250 on 12 October; Phillip Securities downgraded to Hold at $215 the same day; Barclays $265 on 9 October; Goldman Sachs Buy with a $230 target on 8 October. The MarketBeat average is $201.61 across 37 analysts, with a $80 low and $265 high; StockAnalysis puts the 12-month average at $206.43 from 32 analysts.
- Q3 results: expected on Monday 2 November after the close (StockAnalysis). Palantir has not yet issued its date press release; last year’s came on 13 October for a 3 November report (Business Wire). Guidance from the Q2 release: Q3 revenue of $2.160-$2.164 billion and adjusted operating income of $1.292-$1.296 billion (SEC 8-K).
What the HSBC review actually means
The money at stake is small. HSBC’s fund bought $38.3 million of Palantir in the first half, a position that is a rounding error against a $462.8 billion market cap and a stock that trades tens of billions of dollars a week. If HSBC removes the name, the forced selling would be absorbed in minutes.
The signal is what matters. This is a passive fund tracking the S&P Global 1200 Shariah Select Index, so removing Palantir means either HSBC overriding its index or pressing S&P to change the screen. Either path sets a precedent other faith-based and ESG mandates can follow, and the pressure is coming from Nest, the UK’s largest workplace pension by members, not from an activist. It also arrives two weeks after the stock’s 7.2 percent fall to $186.03 on 16 October, which we covered in our selloff analysis, and a day after Monday’s Knox FedRAMP rebound, covered in Tuesday’s Palantir outlook. The stock gave back a third of Monday’s gain on the news.
The valuation gap the analysts are arguing over
At $192.60 Palantir trades at 164.7 times trailing earnings. The Street is split on whether that is a problem. The bulls, Mizuho at $245, Baird at $250 and Barclays at $265, are 27-38 percent above the price and are underwriting the government and commercial AI pipeline into 2027. The averages tell a different story: MarketBeat’s $201.61 and StockAnalysis’s $206.43 are 5-7 percent above the close, which means the typical analyst sees Palantir as roughly fairly priced here. Phillip Securities’ downgrade to Hold at $215 on 12 October, the same day Baird went to $250, is the split in one day’s tape. More on the longer-dated range is in our Palantir stock prediction.
The Q3 print on 2 November is the referee. Palantir guided to $2.160-$2.164 billion of revenue and $1.292-$1.296 billion of adjusted operating income, which implies a 60 percent adjusted operating margin. Nine straight beats have set the bar at a beat-and-raise; anything less and the 165 multiple becomes the story again.
Palantir this week: bull, base and bear
| Scenario | PLTR | What has to happen | Anchor |
|---|---|---|---|
| Bear | $186 | HSBC confirms the removal and a second index provider opens a review; the stock retests the 16 October low. | The 16 October close of $186.03 after the 7.2 percent drop (StockAnalysis). About 3.4 percent below Tuesday’s $192.60. |
| Base | $190-$206 | HSBC’s review drags on without a decision and the stock trades the earnings countdown. | Tuesday’s $189.42 low to the StockAnalysis average target of $206.43. |
| Bull | $213 | The Q3 date is confirmed with a beat-and-raise setup and the stock reclaims its record. | The $212.94 52-week high (StockAnalysis). About 10.6 percent above Tuesday’s close; still below Goldman’s $230 and Mizuho’s $245. |
The bear case sits below Tuesday’s close. These are reference levels measured from the verified StockAnalysis quote, not forecasts.
What to watch
- HSBC’s decision: removal, retention, or a request to S&P to revisit the Shariah screen.
- Other mandates: whether other UK schemes or European funds raise the same question.
- The Q3 date release: Palantir’s Business Wire notice, expected any day on last year’s timing.
- Tech tape: Tesla and Meta report after the close on Wednesday; a capex-heavy Meta print tends to move AI software names in sympathy.
Quick take: Palantir slipped 0.8 percent to $192.60 as HSBC opened a review of its $38 million stake in a $9 billion Islamic index fund after pressure from Nest and People’s Pension. The selling would be trivial; the precedent is not. With the stock at 165 times earnings and Q3 expected on 2 November, expect $190-$206. A confirmed removal opens $186. A beat-and-raise setup opens $213.
FAQ
What is the Palantir stock price today?
PLTR closed at $192.60 on Tuesday 20 October 2026, down 0.8 percent, and traded at $193.44 after hours (StockAnalysis).
Why is HSBC reviewing Palantir?
UK pension schemes Nest and People’s Pension questioned Palantir’s inclusion in HSBC’s Islamic Global Equity Index fund because of its US and Israeli defence work. HSBC said it would assess whether its approach meets investor expectations (Financial Times, via Investing.com).
How much Palantir does the HSBC fund own?
The fund bought $38.3 million of Palantir shares in the first half of 2026, according to the Financial Times report. The fund is roughly $9 billion in size.
When does Palantir report Q3 2026 earnings?
The expected date is Monday 2 November after the close (StockAnalysis). Palantir has not yet confirmed it. Guidance is for revenue of $2.160-$2.164 billion.
What are analysts’ price targets for Palantir?
Recent targets: Barclays $265, Baird $250, Mizuho $245, Goldman Sachs $230, Phillip Securities $215 (Hold). The MarketBeat average is $201.61 and the StockAnalysis average $206.43.
Is Palantir overvalued?
At $192.60 it trades at 164.7 times trailing earnings (StockAnalysis). The average analyst target is only 5-7 percent above the price, so most of the Street sees it as fully valued, while the bulls argue the AI pipeline justifies $245-$265.
Sources: StockAnalysis (price, range, valuation, earnings date, 20 October 2026); Investing.com, citing the Financial Times (HSBC review, Nest, People’s Pension, fund details, Suleman quote, 20 October); MarketBeat and StockAnalysis (consensus targets); Investing.com analyst table (Mizuho, Baird, Phillip Securities, Barclays); SEC Form 8-K, Palantir Q2 2026 release (Q3 guidance); Business Wire (2025 earnings-date precedent).
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Stock prices are volatile. Do your own research and consult a licensed financial adviser before making investment decisions.
