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Palantir ripped 11% in two sessions last week on a viral CEO rant. Michael Burry’s price target on the stock hasn’t moved: under $50 a share, about a third of where it trades today. Here’s his number, his math, and why insiders trading the stock seem to agree with him more than they agree with their own CEO.

Under $50 a share. That’s the number “Big Short” investor Michael Burry has attached to Palantir’s fundamental value, based on what he calls a 16-times premium of the stock’s price and its intrinsic worth. He’s backed it with real positioning: put options struck at $100, expiring December 2026, and at $50, expiring June 2027.

Burry isn’t a…