• Palantir stock continues to retreat from recent highs.
  • PLTR stock does bounce on Friday, but the overall tone is still bearish.
  • Big data company files for a potential mixed shelf with the SEC.

Update October 4: There is no rest for bears – Palantir Technologies Inc (NYSE: PLTR) is shedding some 4% on Monday, kicking off the first full week of October with additional falls and hitting $23.35 at the time of writing. It is far below the 52-week high of $45.

Palantir stock staged a bit of a recovery on Friday after four consecutive days of losses had seen the stock give up the $25 level and also confirm the bearish double-top put in place on September 23. We were early with this call, so hopefully you got on board the trade. The downside target of the double-top remains at $22.71, but support at $23.49 may stall the slide. 

Palantir key statistics

Market Cap $47.5 billion
Enterprise Value $47.8 billion
Price/Earnings (P/E) N/A

Price/Book

28
Price/Sales 39
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 $24.76

Palantir (PLTR) stock news

Palantir announced on Monday that the "National Institutes of Health's (NIH) National Center for Advancing Translational Sciences (NCATS) has awarded Palantir a contract to continue providing a secure cloud-based data enclave to centralize data on COVID-19 for collaborative clinical research. The contract to support the National COVID Cohort Collaborative (N3C) and its data enclave is an indefinite delivery indefinite quantity (IDIQ) contract with a total potential value of $59.5m over two years, with an initial task order for $7.9m over the first five months." Clearly another solid win for an ever-growing client database and further evidence of the scalability of Palantir's software into various different settings. The company has been producing a steady stream of customer wins, and the latest set of results had demonstrated this. 

It is not always good news though as reports on Friday indicated that Palantir may lose a contract with US Immigration & Customs Enforcement, according to a report from Reuters. 

Further news on Palantir stock came late on Friday with a filling with the SEC for a mixed shelf offering. No further details are yet available, but the mixed shelf can be via Class A stock, preferred stock, debt securities or warrants among others. Therefore, it is certainly not clear when or indeed if it may take place. This is merely a filing that Palantir may do at some stage and prepares the way if that is the case.

Palantir stock forecast

Clearly, Friday's pop has not altered the bearish trend and the clear double-top in place. Palantir is in an area of high volume support with strong volume profile bars evident to the right of our daily chart below. Palantir stock is also now below the 200-day moving average cleanly, so both long and short-term trends can be said to be bearish. The next support is at $23.49, which is the bottom of the flag pattern that formed after results in the middle of August. This may provide an opportunity to buy the dip, but stops are always a must. 

FXStreet View: Bearish, bullish above $26.

 

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