Palantir Technologies (PLTR) Stock Forecast: Shares jump some 6% amid China's stock boost
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UNLOCK OFFER- NYSE:PLTR drops by 0.1% as tech sector lags broad market.
- A new agreement with Amazon Web Services proves nothing has changed on the surface for Palantir.
- Ark Invest continues to load up on shares at its discounted price.
Update MArch 9: Palantir Technologies Inc (NYSE: PLTR) has kicked off Tuesday's trade with a swing up of some 6%, to trade closer to $24. The data analytics firm founded by Peter Thiel and others is benefiting from the broad upswing in tech stocks. This "turnaround Tuesday" is happening alongside a drop in US ten-year bond yields and a sense of calm. An intervention by Chinese authorities to bolster local shares has spread to a global relief rally.
NYSE:PLTR shareholders have had a month to forget as the data analytics giant proceeded to lose over 45% of its value since hitting all-time highs of $45.00 in early February. On Friday, this month-long slide continued as Palantir shed a further 3.15% to close the final trading session of the rocky week at $23.95. It has been a steady decline for the stock, compounded by the IPO lockup period expiring, at which time several executives sold off millions of dollars worth of shares.
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Despite its downward trend, Palantir has continued to sign lucrative contracts with big name companies including 3M (NYSE:MMM), IBM (NYSE:IBM), and now Amazon (NASDAQ:AMZN). Palantir will provide its ERP or Enterprise Resource Planning system via Amazon Web Services to all AWS clients. The platform allows AWS users to utilize Palantir’s Foundry service to improve data discovery and streamline business outcomes. This is just the latest in a long line of partnerships Palantir has forged since going public, and a strategic integration with Amazon will only work to strengthen its image amongst non-government agencies.
PLTR Stock news
Retail investors and Redditors are not the only ones who are chomping at the bit to invest in Palantir at its discounted prices. Cathie Wood of Ark Invest has scooped up several million shares during Palantir’s recent decline, across her various Ark ETFs. Furthermore, Goldman Sachs has reiterated a buy rating and a healthy price target of $34 for Palantir, which represents a 40% upside from its current trading levels.
Update: Shares in Palantir struggled for momentum on Monday as the tech sector in general, fell behind the broader market. Shares in Palantir are trading $23.93 down 0.1% on Monday. ARK Invest has been buying large blocks of PLTR of late but the in-vogue ETF has been struggling of late as the tech sector suffers.
Update March 9: Palantir Technologies Inc (NYSE: PLTR) has been carried lower on Monday, tumbling by 5.97% along with the tech-heavy NASDAQ index. Shares of Alex Karp's company may find some solace in the fact that options suggest volatility is rising – and it could also go the other way. Moreover, China intervened in markets to shore up tech stocks, and that could eventually lift PLTR shares as well.
- NYSE:PLTR drops by 0.1% as tech sector lags broad market.
- A new agreement with Amazon Web Services proves nothing has changed on the surface for Palantir.
- Ark Invest continues to load up on shares at its discounted price.
Update MArch 9: Palantir Technologies Inc (NYSE: PLTR) has kicked off Tuesday's trade with a swing up of some 6%, to trade closer to $24. The data analytics firm founded by Peter Thiel and others is benefiting from the broad upswing in tech stocks. This "turnaround Tuesday" is happening alongside a drop in US ten-year bond yields and a sense of calm. An intervention by Chinese authorities to bolster local shares has spread to a global relief rally.
NYSE:PLTR shareholders have had a month to forget as the data analytics giant proceeded to lose over 45% of its value since hitting all-time highs of $45.00 in early February. On Friday, this month-long slide continued as Palantir shed a further 3.15% to close the final trading session of the rocky week at $23.95. It has been a steady decline for the stock, compounded by the IPO lockup period expiring, at which time several executives sold off millions of dollars worth of shares.
Stay up to speed with hot stocks' news!
Despite its downward trend, Palantir has continued to sign lucrative contracts with big name companies including 3M (NYSE:MMM), IBM (NYSE:IBM), and now Amazon (NASDAQ:AMZN). Palantir will provide its ERP or Enterprise Resource Planning system via Amazon Web Services to all AWS clients. The platform allows AWS users to utilize Palantir’s Foundry service to improve data discovery and streamline business outcomes. This is just the latest in a long line of partnerships Palantir has forged since going public, and a strategic integration with Amazon will only work to strengthen its image amongst non-government agencies.
PLTR Stock news
Retail investors and Redditors are not the only ones who are chomping at the bit to invest in Palantir at its discounted prices. Cathie Wood of Ark Invest has scooped up several million shares during Palantir’s recent decline, across her various Ark ETFs. Furthermore, Goldman Sachs has reiterated a buy rating and a healthy price target of $34 for Palantir, which represents a 40% upside from its current trading levels.
Update: Shares in Palantir struggled for momentum on Monday as the tech sector in general, fell behind the broader market. Shares in Palantir are trading $23.93 down 0.1% on Monday. ARK Invest has been buying large blocks of PLTR of late but the in-vogue ETF has been struggling of late as the tech sector suffers.
Update March 9: Palantir Technologies Inc (NYSE: PLTR) has been carried lower on Monday, tumbling by 5.97% along with the tech-heavy NASDAQ index. Shares of Alex Karp's company may find some solace in the fact that options suggest volatility is rising – and it could also go the other way. Moreover, China intervened in markets to shore up tech stocks, and that could eventually lift PLTR shares as well.
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