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Palantir stock fell for the sixth straight session on Wednesday. With the retreat, Palantir stock is down 18% from its all-time high.

Palantir stock has tanked over 20% from its all-time high but Jefferies analyst Brent Thill argues it could crash much further from current levels.

Palantir Technologies shares have has become a focal point of market debate in recent sessions. A new short-seller report clashes with bullish catalysts from government and enterprise sectors.

Palantir Technologies was the worst performer in the S&P 500 on Tuesday, with the stock continuing to surrender gains following a blowout earnings report earlier this month.

Palantir's business fundamentals are strong, with rapid revenue, customer, and profit growth, especially in the US commercial and government segments. Learn more on PLTR stock here.

While the operational momentum is clearly solid, investors should pay closer attention to the risks. History shows Palantir stock can fall hard as sentiment shifts.

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However, since hitting a record closing high of $186.97 on August 12, the stock on Tuesday was on track for a five-day losing streak and its worst day since May 6. As of 1500 ET, PLTR's class A shares were -9.48% at $157.53.

Among the Nasdaq 100 stocks, Analog Devices ADI and Palo Alto Networks PANW rallied 3.7% and 1.6%, respectively, making them some of the best performers at the market open. On the downside, Intel INTC and Micron Technology MU tumbled 4.1% and 3.6%, respectively.