Palantir Technologies (PLTR): Stock Price and Forecast: Gamestop rally back on, will it spread
- PLTR shares may be back on retail trader's minds as Gamestop returns.
- PLTR results had disappointed investors.
- ARK Invest had taken a size position in PLTR.
The Gamestop revolution is back for a sequel and traders are starting to look around at other names that had been in the retail crosshairs back in January. Palantir (PLTR) was one such stock.
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PLTR Stock News
Palantir shares had been driven to a high of $45 on January 27. This day was also the peak for many other retail meme stocks as the frenzy reached fever pitch. Shares in Palantir then gradually slid back to trade sub $30 as investors awaited results on February 16.
Palantir's results release disappointed investors with a loss from operations of $156.6 million. Palantir did beat revenue estimates with $322 million versus an estimated $300 million.
Palantir shares slipped after the results release closing February 16 down nearly 13% at $27.84. However, the shares quickly received a number of catalysts. Firstly Goldman Sachs issued a strong upgrade to PLTR shares on February 17. Goldman upgraded the stock from neutral to buy and increased their price target from $13 to $34. "With improving visibility into near- and long-term growth, we believe PLTR should trade more in line with 30%+ growth businesses, which are trading at 44x CY21 sales, our new target multiple for PLTR on SNTM sales," Goldman said.
Secondly Cathie Wood of ARK Invest on Thursday, February 18 posted that they had purchased 5.2 million shares in Palantir (PLTR). This was in addition to a purchase of 1.5 million shares posted on Tuesday, February 16. Palantir shares rallied 15% on February 19 to close at $29.
Palantir Technologies Inc. Share Price
PLTR shares are currently trading at $25.13 at the time of writing, a loss of over 4% for Thursday. Retail trades have been back in vogue on Thursday as Gamestop surges on Wednesday and during Thursday's pre-market. PLTR has yet to be caught up in the frenzy.
PLTR Technical analysis
Failure to recapture the psychological $30 level and ensuing broader market weakness, particularly for tech names led shares in PLTR to slide back towards $25. Support at $22.47 is key to the bullish trend.
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Author
Ivan Brian
FXStreet
Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.
