It’s been a sobering stretch for Palantir Technologies Inc. shareholders, who have watched their once high-flying positions lose more than 40% of their value since …

Palantir stock has dropped substantially this year, with several valuation metrics showing that it is highly undervalued as earnings loom.

It’s been a sobering stretch for Palantir Technologies Inc. shareholders, who have watched their once high-flying positions lose more than 40% of their value since …