Palantir Technologies (PLTR) Stock Price and Forecast: Strong rally likely to stall on Friday

Palantir puts in a big daily surge to close up nearly 5%.
PLTR stock just fails to break last week's high.
Stock is likely to fall back now on that failure.

Ivan Brian FXStreet

Palantir put in a big move on Thursday, surprising many with just how far it managed to extend those gains. Some bounce and rally were expected after the Fed did not put a timeline on its tapering program and the Evergrande situation received some good news with an interest payment. This set stocks up to rally, and they duly did, but the move in Palantir was much stronger than that. PLTR stock eventually closed up at $28.77, near the high of the day and a gain of 4.9%. While this is a volatile name with a large retail interest, this was still an impressive gain.

Palantir key statistics

Market Cap	$56 billion
Enterprise Value	$47.8 billion
Price/Earnings (P/E)	N/A
Price/Book	33
Price/Sales	45
Gross Margin	0.7
Net Margin	-0.95
EBITDA TTM	-$1.24 billion TTM
52-week low	$8.90
52-week high	$45
Short Interest	3.1%
Average Wall Street rating and price target	HOLD $24.61

Palantir (PLTR) stock news

Fresh on the wires this morning and already trending on social media among the early risers is news that Cathy Wood's ARK funds have sold some stock in PLTR. Perhaps she was taking advantage of the recent spike in prices or merely just some portfolio adjustment. Benzinga reports, however, that ARK Invest sold 1.84 million shares on Thursday worth around $53 million. ARK though still holds nearly 35 million shares in PLTR.

Palantir stock forecast

We turned bullish on the stock as it broke $28.79, but a pullback is likely now as the news above spooks some on social media. That is fine so long as $27.49 is not broken. Below here we turn neutral. We last spoke about PLTR stock on Wednesday when we said a dip could be bought around $26 and this played out even better than we could have thought on Thursday. $26 and $24 remain two areas of strong support for possible buying opportunities.

FXStreet View: Bullish above $27.49, neutral from $27.49 to $23.49, bearish below $23.49

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.

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