PLTR News: Palantir Technologies rises again as Ark Invest loads up before earnings

NYSE:PLTR gains 0.99% as the broader market rallies to new all-time highs.
Ark Invest files a new 13F which shows an increase in ownership of 64.67%.
Palantir continues to form an ascending triangle, as the breakout is retested.

NYSE:PLTR has finally strung together some back to back green days, as the stock begins to build some momentum ahead of its earnings call on August 11th. On Thursday, shares of Palantir added 0.99% and closed the trading session at $22.52. Palantir managed to outpace the broader markets but not by much, as the S&P 500 hit a fresh new all-time high and the NASDAQ hit a 52-week high at the close. The markets were surprisingly bullish ahead of Friday’s key July jobs report, which could have a direct impact on the Federal Reserve’s monetary policy tightening in the coming quarters.

Stay up to speed with hot stocks' news!

One bullish signal for retail investors came discretely when Ark Invest filed a new form 13F with the SEC. In that form, Ark Invest notes that it has increased its holdings of Palantir’s stock from 18,632,471 shares at the end of May, to 30,681,798 shares at the end of June. Does Cathie Wood know something about the upcoming earnings report that we don’t? Or did she just manage to time the dip well, just as she did earlier this week with Robinhood (NASDAQ:HOOD) after its recent IPO.

PLTR stock forecast

Palantir’s trend may be pointing back to bullish now as the daily chart is starting to make an ascending triangle formation. This formation is made with higher highs and higher lows, as the stock trends upwards until the next level of resistance. Palantir looks to be trying to time a breakout and the upcoming earnings call could be the catalyst it needs if the results are positive.

Like this article? Help us with some feedback by answering this survey:

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.