PLTR News: Palantir Technologies edges lower but announces Q2 earnings call

NYSE:PLTR is starting to trade just like clockwork as the popular stock once again followed up a green day with a red one. One positive is Palantir continues to make higher lows, showing that the general trend is still pointing upwards. On Thursday, shares of Palantir fell by 1.68% to close the trading session at $22.18. It was an up and down day for the markets, as the S&P 500 and DOW both hit new all-time intraday highs, while the NASDAQ edged lower ahead of Amazon’s earnings after the close. 

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Palantir has officially announced its second quarter earnings call will take place before the market opens on Thursday August 12th. The company will have big shoes to fill after Palantir saw its revenues grow by 49% year over year in the first quarter of 2021. Of interest to Wall Street will be a continued rise in the company’s commercial contract growth, which increased by 76% year over year in the first quarter. Another figure that is always on the radar of investors is if Palantir shows any sign of inching towards profitability. 

PLTR stock forecast

Ahead of its earnings call, Wall Street is holding strong as analysts have a consensus rating of Hold for Palantir. The rating will likely change following the earnings call, although high valuations have always been the thorn in Palantir’s side, which has led to analysts being reluctant to be more bullish on the stock. The average price target remains just below $21.00, so Palantir is currently outperforming what Wall Street analysts have forecasted.