Palantir Technologies Stock Price and Forecast: PLTR still one of Cathie's favorites

  • Palantir shares still struggle to hold gains.
  • Cathie Wood's ARK Invest buys another 1m shares on Wednesday.
  • PLTR shares down 50% from January highs.

Palantir Technologies (PLTR) shares remain subdued but steady of late as the valuation retreats to more normal levels after the heady heights of the January retail fizz. PLTR topped out at $44.98 in January before steadily retreating to the low $20s, where it has languished since.

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Palantir launched on the stock market at the end of September 2020 at a price of $7.25 a share. PLTR was co-founded by legendary Silicon Valley investor Peter Thiel. The firm is a data mining and analytics technology company. It helps companies integrate and analyse their various diverse data sets to help make sense of complicated data. Palantir streamlines decision-making based on data analysis. The company helps with search functions and is heavily involved in the security industry, with links to law enforcement agencies such as the FBI, CIA and Department of Defense.

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PLTR stock forecast

Palantir shares remain steady in the low $20s but have yet to break higher. But some positive signs may be evident. Cathie Wood's ARK Invest bought another one million shares on Wednesday, adding to earlier block purchases of PLTR. On Monday, Palantir announced it had been selected by the National Nuclear Security Administration for a five-year, $89.9 million contract. So another government contract to add to its growing list.

PLTR technical analysis

Technically, the stretched resistance to take out and resume a bullish trend is at $27.47, the mid-March high. Before that, the 21-day moving average resistance was tested at $23.83. The MACD has crossed over, giving a buy signal, and a move above recent highs near the 21-day resistance would be a nice confirmation.

The 9-day moving average is acting nicely as support and needs to continue doing so as a break is obviously short-term negative. 

Given broader market bullishness, the Cathie Wood catalyst, and a new government client, a bullish trade with a tight stop just below the 9-day moving average could work for short-term traders. 

Support at $21.18 really has to hold to keep any chance of bullishness.

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