- 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.
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.