Palantir Technologies Stock News: PLTR price extends range-breakout move, five factors support shares
Premium|Take advantage of 50% OFF on your first month.
Start your subscription and get access to all our original articles.
You have reached your limit of 5 free articles for this month.
Get Premium without limits for only $9.99 for the first month
Access all our articles, insights, and analysts.
UNLOCK OFFER- NYSE: PLTR has broken out of its range, hitting the highest since mid-March.
- Palantir Technologies benefits from ARK, Goldman Sachs' backing.
- Supporting COVID-19 efforts, low-interest rates and upbeat results are additional positive factors.
Update April 14: Palantir Technologies Inc (NYSE: PLTR) has kicked off Wednesday's trading session with a substantial move to the upside. Shares of the software firm are changing hands above $26, up some 2.50% at the time of writing. The move is a bullish extension of its big breakout on Tuesday and is also backed by fundamentals described below.
The frustration is over – Palantir Technologies (NYSE: PLTR) has surged by 8.91% on Tuesday, breaking out of the limited range it had been confined to. That band was not only narrow but also on low ground.
Price action in the past six months is showing the upward move is substantial, but shares of Alex Karp's firm face several technical hurdles. First, the mid-March closing peak of $26.79, then the mid-February high of $29, and finally, the early February swing peak of $38.17, which still remains distant.
Stay up to speed with hot stocks' news!
Support awaits at April's previous high of $24.04, followed by $22.90 and finally by the cycle low of $21.73.
The technical graph is showing that PLTR shares are finally recovering from the head-and-shoulders pattern seen early in the year – one that proved devastating.
What is behind the upswing?
PLTR Stock News
There are five bullish developments pushing Palantir Technologies higher.
1) ARK: Cathie Woods, a star money manager, is eyed for every move after her golden touch resulted in handsome profits for investors. Her accumulation of Palantir share is a bullish sign.
2) Goldman Sachs is bullish: This investment bank is controversial, but its opinions are closely watched and if it gives its blessing to a stock, money moves toward it. Riding on GS' wave may prove profitable.
3) NHS efforts: The company founded by Peter Thiel and Alex Karp is somewhat secretive due to its CIA contracts and other activities which have raised questions. However, its efforts to help Britain's National Health Service (NHS) to analyze COVID-19 data has helped improve its image.
4) Upbeat financial results: Palantir recently published financial results and they have left investors impressed. That is one of the reasons GS went bullish. Will the uptrend continue? Earnings season begins shortly, and things may keep on shining for the company.
5) Low interest rates: Tepid US inflation figures have been the most recent reason for shares to rally – and PLTR is rising with all the other boats. The Federal Reserve has no need to hike borrowing costs, nor slow down its bond-buying pace. As a "growth stock," Palantir may outpace the broader S&P 500 Index.
All in all, there are fundamental and technical reasons to see NYSE: PLTR continuing its uptrend.
More Palantir Technologies (PLTR) Stock Price and Forecast: Rally in action amid three factors
At the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
This article is for information purposes only. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. It is important to perform your own research before making any investment and take independent advice from a registered investment advisor.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to accuracy, completeness, or the suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. The author will not be held responsible for information that is found at the end of links posted on this page.
Errors and omissions excepted.
- NYSE: PLTR has broken out of its range, hitting the highest since mid-March.
- Palantir Technologies benefits from ARK, Goldman Sachs' backing.
- Supporting COVID-19 efforts, low-interest rates and upbeat results are additional positive factors.
Update April 14: Palantir Technologies Inc (NYSE: PLTR) has kicked off Wednesday's trading session with a substantial move to the upside. Shares of the software firm are changing hands above $26, up some 2.50% at the time of writing. The move is a bullish extension of its big breakout on Tuesday and is also backed by fundamentals described below.
The frustration is over – Palantir Technologies (NYSE: PLTR) has surged by 8.91% on Tuesday, breaking out of the limited range it had been confined to. That band was not only narrow but also on low ground.
Price action in the past six months is showing the upward move is substantial, but shares of Alex Karp's firm face several technical hurdles. First, the mid-March closing peak of $26.79, then the mid-February high of $29, and finally, the early February swing peak of $38.17, which still remains distant.
Stay up to speed with hot stocks' news!
Support awaits at April's previous high of $24.04, followed by $22.90 and finally by the cycle low of $21.73.
The technical graph is showing that PLTR shares are finally recovering from the head-and-shoulders pattern seen early in the year – one that proved devastating.
What is behind the upswing?
PLTR Stock News
There are five bullish developments pushing Palantir Technologies higher.
1) ARK: Cathie Woods, a star money manager, is eyed for every move after her golden touch resulted in handsome profits for investors. Her accumulation of Palantir share is a bullish sign.
2) Goldman Sachs is bullish: This investment bank is controversial, but its opinions are closely watched and if it gives its blessing to a stock, money moves toward it. Riding on GS' wave may prove profitable.
3) NHS efforts: The company founded by Peter Thiel and Alex Karp is somewhat secretive due to its CIA contracts and other activities which have raised questions. However, its efforts to help Britain's National Health Service (NHS) to analyze COVID-19 data has helped improve its image.
4) Upbeat financial results: Palantir recently published financial results and they have left investors impressed. That is one of the reasons GS went bullish. Will the uptrend continue? Earnings season begins shortly, and things may keep on shining for the company.
5) Low interest rates: Tepid US inflation figures have been the most recent reason for shares to rally – and PLTR is rising with all the other boats. The Federal Reserve has no need to hike borrowing costs, nor slow down its bond-buying pace. As a "growth stock," Palantir may outpace the broader S&P 500 Index.
All in all, there are fundamental and technical reasons to see NYSE: PLTR continuing its uptrend.
More Palantir Technologies (PLTR) Stock Price and Forecast: Rally in action amid three factors
At the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
This article is for information purposes only. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. It is important to perform your own research before making any investment and take independent advice from a registered investment advisor.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to accuracy, completeness, or the suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. The author will not be held responsible for information that is found at the end of links posted on this page.
Errors and omissions excepted.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.