PLTR News: Palantir Technologies edges higher as delta variant wreaks havoc on the markets

NYSE:PLTR took a turn to start the week on Monday, and reversed its recent bearish trend by showing surprising strength during a broader market sell off. Shares of Palantir added 0.0% to close the trading session at $21.54, as the stock was a lone spot of green amongst an overwhelming sea of red. The markets tumbled right after the opening bell as fears of rising COVID-19 delta variant cases instilled fear on Wall Street. As investors look ahead to potential restrictions being imposed again, blue-chip and cyclical reopening stocks were hammered, while growth and stay at home stocks accounted for most of the green on Monday. 

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Just as Palantir seemed like it was sliding down into a bearish correction, the stock found support once again near $21.00 and bounced back into positive territory. It’s hard to know how Palantir will behave on a daily basis, although shares have been trading mostly sideways for the past few months as the stock goes through a longer period of consolidation. One of the issues is that the stock still trades at a fairly high multiple, with a price to sales ratio of over 27. It seems like both the bulls and the bears are waiting to see where that multiple lands when Palantir reports its next quarterly earnings in the beginning of August.

PLTR stock forecast

Much has been made about Palantir’s ever expanding investment side, as the company has initiated stakes in multiple different private companies. One of those companies is Fast Radius (NASDAQ:ENNV) which is set to go public via a SPAC merger. Fast Radius is targeting a $1.4 billion valuation, and will compete in the increasingly crowded 3D printing sector. It is unclear as to whether or not Fast Radius will adopt Palantir’s data analytics platform.