The move to the Nasdaq 100 didn’t go as well as expected for MicroStrategy, Palantir Technologies, and Axon Enterprise. The stocks of three companies underperformed on Monday, their first day on the index, despite being projected for a massive rally.
Earlier in December, Nasdaq 100 announced that it would welcome MicroStrategy, Palantir Technologies, and Axon Enterprise as part of its annual reshuffle. In a corresponding move, the index dropped server producer Super Micro Computer, vaccine maker Moderna, and biotechnology company Illumina.
The shares of MicroStrategy, the business intelligence firm that is also the world’s largest corporate holder of Bitcoin, closed down by 8.78% before slightly bouncing back in after-hours trading. At the current close of $332.23 per share, the company’s stock still remains 384.87% up year-to-date.
Data analytics company Palantir, which has benefited from the artificial intelligence boom, saw its stock dip by more than 3% early on Monday before erasing the losses later in the day. The company’s stock closed flat at $80.69 and is currently up 386.67% for the year.
Axon’s stock dropped by 2.5% before rebounding to a loss of 1.20% by the close. At the price of $624.14, the shares of this weapons technology firm are up 148.04% year-to-date.