PLTR News: Palantir Technologies continues to climb and outpaces the broader markets
- NYSE:PLTR edged higher by 0.27% on Wednesday as the broader markets declined.
- Palantir wins yet another award for its Foundry data analytics platform.
- PLTR is on the upswing as the stock breaches its 20-day moving average.
NYSE:PLTR has failed to breakout like many investors thought it would after it reached an all-time high of $45.00 back in January. But the stock has been consolidating for the past few months now, and as the saying goes, the longer the coil the larger the breakout. On Wednesday, shares of Palantir gained 0.27% to close the trading day at $22.30. It was encouraging for shareholders to see Palantir climb on a day where the broader markets tumbled as the Dow shed 320 points and the S&P 500 fell as well.
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It seems as though the global tech market is catching on to just how powerful Palantir’s platforms are. Palantir’s Foundry platform has won the Ventana Research Overall Digital Innovation Award for 2021 which is given to the company that ‘best exemplifies overall digital innovation and change that supports an organization’s ability to maximize its people, processes, information and technology’. Foundry is used by Palantir’s commercial clients, and succeeds previous winners like ServiceNow (NYSE:NOW) and MicroStrategy (NASDAQ:MSTR). Palantir also received an award from Amazon Web Services for its work in utilizing Foundry to combat COVID-19 around the world.
PLTR stock forecast
Palantir bulls are taking back control as the stock trended above its short-term 20-day moving average on Wednesday, a sign that it is on the move up. Palantir does have a recent history of trending up ahead of its quarterly earnings calls, so perhaps Wall Street is anticipating another blowout quarter from the company. The stock has noticeably been making higher lows as of late, and the consolidation may come to a head on August 11th, when Palantir reports its earnings.
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