• Palantir shares surged 11% on Thursday to $24.89.
  • PLTR popped on the back of strong earnings reports.
  • The stock adds a small gain on Friday.

Update: Palantir stock is up just under half a percent on Friday after seeing a surge in interest on Thursday. The company reported strong earnings with very strong revenue and new customer data and Palantir stock surged 11% on the day. Friday is obviously seeing a more modest move but a consolidation after such a strong move is perfect to set and wait for further gains.

Palantir stock surged 11% on Thursday as the company reported a strong set of results before the market opened. Earnings per share (EPS) was $0.04, just ahead of the estimate for $0.03. Revenue came in at $376 million, also ahead of estimates of $353 million. Revenue was up nearly 50% QoQ. Palantir also increased its guidance for Q3 revenue to $385 million, which is ahead of analyst estimates for $376.4 million. Palantir raised its estimate for full-year 2021 adjusted free cash flow guidance to $300 million-plus, from a previous $150 million-plus. Palantir said it had 62 new deals worth over $1 million and that it booked over $900 million in contracts for the quarter. Also impressive were the 20 new customers Palantir added during the quarter. 

Hard to argue with those results, and Palantir stock reacted accordingly, surging in premarket just after the results came out and continuing the strong trend throughout Thursday's session. Friday sees a host of price target increases from Wall Street analysts with more likely to follow. Friday so far has brought price target increases from Jefferies, who raised the price target from $28 to $30. RBC raised their target from $20 to $25, and Citigroup raised their PLTR target from $17 to $18. Nothing too dramatic, but it is all in the right direction for bulls.

Palantir key statistics

Market Cap $46.7 billion
Enterprise Value $40.49 billion
Price/Earnings (P/E) 135

Price/Book

26
Price/Sales 36
Gross Margin 0.7
Net Margin -1.02
EBITDA  
52 week low $45
52 week high $8.90
Average Wall Street rating and price target

HOLD $24.47

Palantir PLTR stock forecast

Palantir stock had been trending nicely with a steady uptrend channel preparing the way for Thursday's breakout. The Relative Strength Index (RSI) and Commodity Channel Index (CCI) had both been trending higher in line with price and so confirming the move. Now PLTR has broken out of this trend channel with the new target being $27.49. This is the high from June 28. This is a big level as we can clearly see from the volume profile. Once through here, the volume thins out sharply, meaning a further push higher should be easier to achieve. $27.49 also represents the long sideways consolidation move that PLTR stock has gone through since the heady days of the retail frenzy saw it hit $45 back in January. Breaking out of this range could be powerful. To maintain the bullish trend, PLTR would need to stay above $23.49. Currently, PLTR stock is right at point of control for 2021. This is the price with the highest volume, so Palantir may find it difficult to push higher just yet. A period of consolidaion is ok though, so long at $23.49 holds. This will likely be where the 9-day moving average sits today.

 

 


Like this article? Help us with some feedback by answering this survey:

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD recovers above 1.0400, looks to post weekly gains

EUR/USD recovers above 1.0400, looks to post weekly gains

EUR/USD regained its traction after dropping toward 1.0350 in the early American session and climbed above 1.0400. Trading conditions remain thin on Black Friday and the pair remains on track to end the week in positive territory.

EUR/USD News

GBP/USD recovers toward 1.2100 as US Dollar loses strength

GBP/USD recovers toward 1.2100 as US Dollar loses strength

GBP/USD managed to stage a recovery toward 1.2100 in the American session on Friday and now looks to register gains for the third straight week. The US Dollar struggles to preserve its strength as markets remain subdued on Black Friday. 

GBPUSD News

Gold steadies near $1,750 as US yields retreat

Gold steadies near $1,750 as US yields retreat

Gold price continues to move sideways at around $1,750 heading into the weekend. The benchmark 10-year US Treasury bond yield retreated from the daily high it touched above 3.75% earlier in the day, allowing XAU/USD to erase a portion of its daily losses.

Gold News

Bitcoin: Assessing chances of one last bear market rally for 2022

Bitcoin: Assessing chances of one last bear market rally for 2022

Bitcoin price is in a good place to trigger another bear market rally from a high-time frame perspective. This development, combined with the optimistic outlook seen in on-chain metrics, further strengthens the possibility of a happy ending to 2022.

Read more

FX next week and yield curve inversions

FX next week and yield curve inversions

Since the Fed's last raise November 3, Fed Funds rate opens and closes at 3.83. The Fed Funds rate once traded freely on its own with highs and lows as any financial instrument. In 2000, Central banks implemented meetings every 6 weeks.

Read more

Forex MAJORS

Cryptocurrencies

Signatures