- NYSE:PLTR tumbled by 7.25% on Wednesday amidst a choppy day for the broader markets.
- Palantir breaks support and falls below its key 50-day moving average.
- Another former Palantir executive has founded a company set to go public.
NYSE:PLTR saw its one day bullish reversal rejected in a big way on Wednesday, as the data analytics giant fell sharply alongside a choppy day for the broader markets. Shares of Palantir plummeted by 7.25% during the session, and closed the day below its 50-day moving average price of $24.13. While all three major indices closed the session higher, most investors probably did not feel like it was a green day all around. Mega-cap tech led the way, and growth sectors outpaced value and cyclical stocks, although Palantir clearly was not a part of that growth rally.
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The 50-day moving average is a key support level in technical analysis which is usually used as an indicator for short-term performance. Palantir was holding this level until Wednesday, when shares plunged through, as the stock now trades below both the 50-day and 200-day moving averages. Shares are in danger of heading into bearish territory with the next area of support in the $21.00 range. If that support also breaks, Palantir could be heading back for a downward trend into the mid-teens.
PLTR stock forecast
Palantir continues to roll out quality leadership figures, as another former executive at the company has a startup set to go public. Nima Ghamsari co-founded Blend, a digital banking platform that specializes in mortgage lending. Ghamsari used to work at Palantir, and is yet another executive that has a successful new venture under their belt. Don’t be surprised to see a future partnership between the two companies, as Palantir spreads its data analytics platforms across multiple new industries. Blend is targeting a $4 billion valuation before hitting the public markets.
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