- 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.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, 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.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or 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. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD consolidates weekly gains above 1.1150
EUR/USD moves up and down in a narrow channel slightly above 1.1150 on Friday. In the absence of high-tier macroeconomic data releases, comments from central bank officials and the risk mood could drive the pair's action heading into the weekend.
GBP/USD stabilizes near 1.3300, looks to post strong weekly gains
GBP/USD trades modestly higher on the day near 1.3300, supported by the upbeat UK Retail Sales data for August. The pair remains on track to end the week, which featured Fed and BoE policy decisions, with strong gains.
Gold extends rally to new record-high above $2,610
Gold (XAU/USD) preserves its bullish momentum and trades at a new all-time high above $2,610 on Friday. Heightened expectations that global central banks will follow the Fed in easing policy and slashing rates lift XAU/USD.
Week ahead – SNB to cut again, RBA to stand pat, PCE inflation also on tap
SNB is expected to ease for third time; might cut by 50bps. RBA to hold rates but could turn less hawkish as CPI falls. After inaugural Fed cut, attention turns to PCE inflation.
Bank of Japan set to keep rates on hold after July’s hike shocked markets
The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.