Palantir Technologies (PLTR): Stock Price and Forecast: Why did Palantir stock fall after earnings?

Palantir shares (Nasdaq: PLTR) have fallen sharply after earnings.
PLTR stock reported earnings on Tuesday, November 9.
Palantir matched estimates on EPS and beat on revenue.

Ivan Brian FXStreet

Palantir has put in two very strong down days after what looked like a pretty decent earnings report. Earnings came out before the open on Tuesday, but Palantir fell 9% in the regular session. Palantir stock then followed this up with a 7% fall on Wednesday. The top and bottom lines looked good with both EPS in line and revenue coming in ahead, so why the big fall?

Palantir (PLTR) stock news

Earnings came out before the open on Tuesday. Earnings per share (EPS) was in line at $0.04, while revenue posted a tiny beat of $392 million versus $385 million estimate. The stock immediately began to tank though. Palantir is a high growth stock, and it was this which Goldman Sachs alluded to earlier this year when it gave the stock a strong rating. Palantir has a strong list of government agencies on its client list, and the company was upbeat in full-year forecasts on Tuesday. The problem is that this growth rate has slowed, and that prompted a downgrade from RBC on Thursday. RBC says a slowdown in the growth of the government-focused business has reduced RBC's confidence that Palantir can achieve its forecast for 30% growth until 2025.

However, Cathie Wood of ARK Invest tends to disagree, obviously, as her funds have been snapping up Palantir (PLTR) stock after the sharp fall. Recent postings show ARK buying about $36 million worth of Palantir on Tuesday and another $28 million on Wednesday. ARK Invest has been a consistent purchaser of Palantir shares.

Palantir (PLTR) stock forecast

As we can see from the Palantir 1-day graph below, the move on Wednesday is the one that has really done the damage by breaking the lower trendline that has been in place since May. Palantir stock has also broken below October's low and put in a lower low – aka this is bearish. Now it is time to wait for a test of last May's earnings low at $17, this is the medium-term target for Palantir now. The stochastic gave a crossover sell signal as has the Moving Average Convergence Divergence (MACD).

PLTR 1-day chart

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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.

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