PLTR News: Palantir Technologies gains and reverses its trend

NYSE:PLTR continues to be one of the most enigmatic stocks to follow on Wall Street with unexpected moves from one day to the next. On Thursday, shares of Palantir gained 0.83% to close the trading session at $23.08. It was a surprising move after the stock sold off on Wednesday, as well as the broader markets selling off on Thursday. Palantir remains below both its key 50-day and 200-day moving averages, but after trading lower by 2% during Thursday’s morning session, the dip was quickly bought up, showing that the bulls are still trying to right the ship. 

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It was reported earlier in the week that Palantir has significantly ramped up its investments into private companies, some of which are looking to go public. Not only does this provide potentially appreciating investments from owning a stake in those companies, but it also provides Palantir with a direct relationship that can lead to a partnership using its Foundry data analytics platform. We previously discussed partnerships with Wejo and Lilium, but Palantir also owns stakes in Babylon Health, Sarcos Robotics, and Roivant Sciences, amongst others.

PLTR stock forecast

Investors who are bullish on Palantir should note the trend reversal that took place on Thursday morning as the stock was able to find support above the previous support area of $21.00. The fact that Palantir was able to stay positive on a day where most tech and growth stocks sold off, is already a good sign. The long-term target still remains in the gap between $30-32, which can often act as a magnet for stocks once the trend reverses back up. Palantir needs to recapture its 200-day moving average to change the overall sentiment back to bullish.