PLTR News: Palantir Technologies continues decline but manages to hold support

NYSE:PLTR fell by a further 1.13% on Friday despite the broader markets closing the week higher.
Palantir appoints a U.K. managing director as it furthers its reach into Europe.
Palantir continues to be a strong PIPE investor into upcoming SPAC mergers.

Stocks Reporter FXStreet

NYSE:PLTR closed the week before July 4th on a downtrend, although the stock did manage to stay above a key support level of $24.00. On Friday, shares of Palantir dipped a further 1.13% to close the trading session at $24.44, which can be seen as positive as it stayed above its 21-day moving average price. If Palantir continues to decline into next week, the stock could lose that support and all of the gains that were made over the past month could be lost. Palantir continues to be a popular stock for institutional and retail investors alike, with strong support from Reddit forums such as r/WallStreetBets, as well as popular funds like Ark Invest.

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Palantir took another step closer to solidifying its presence in Europe and the U.K. by appointing Dr. Justin Whatling as the new managing director of Palantir’s European portfolio. The data analytics company established a significant partnership with the NHS or National Health Service of England, and the hiring of Dr. Whatling will look to continue this strong relationship in the years ahead.

PLTR stock forecast

Palantir has been active with its own investing as well in recent months. The company has been acting as a PIPE investor for several high profile SPAC mergers that are in the works, including some that it already has contracts with for data analytics services. Some of the names include Lilium which is an eVTOL taxi business and Sarcos Robotics, an industrial robotics company that has investors such as Blackrock and Caterpillar Venture Capital.

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FXStreet

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