PLTR Price Prediction: Palantir Technologies Inc suffers on Wednesday but finding support Thursday

Update 2 March 25: Palantir shares catch some buyers on Thursday as the broader big tech stocks return to the green in early trading. Palantir has of late followed the tech sector as company-specific news has dried up. Shares are currently up 1.45 at $22.18 on Thursday.

Update March 25: Are bargain-seekers finally ready to jump in? Palantir Technologies Inc (NYSE: PLTR) has tumbled down by 5.93% on Wednesday, closing the session at $21.88. Shares of the data analytics company have been under immense pressure in recent days and the broader sell-off in tech stocks has also pushed it lower. However, after settling at the lowest levels since November, shares are set to rise according to Thursday's pre-market data. An increase of 2.33% to $22.39 is on the cards. 

Last week, the PLTR shares fell after the company’s CEO Alex Karp warned the short-term investors. Karp said: “Wall Street’s short-term focus is “one of the most destructive, corrosive attributes of an otherwise interesting and largely functioning system.” With Tuesday’s drop, the shares trade at two-week lows, with the $23 mark seen at risk if the sell-off extends into a third straight day on Wednesday. Amid covid and vaccine concerns weighing on the market, Palantir shares could very well track risk-off action on Wall Street.  

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During a recent CNBC interview, Palantir CEO Alex Karp made some comments that were sure to ruffle some feathers on Wall Street. Karp was quite clear about supporting long-term retail investors over institutional investors, which he attributes to why Palantir chose a friendlier direct listing rather than a traditional IPO. He went on to state that short-term traders should look away from Palantir as the company has a long-term vision for success and is not a stock to be day traded. CEOs that have shareholders in mind generally gain favor amongst retail investors, so Palantir should continue to be a popular stock to own.

PLTR Stock forecast

Palantir gained its momentum as a stock that Redditors gravitated towards due to its mysterious business and anti-corporate behavior. Sure Palantir nearly trades at 200 times 2021 profit projections, but the company is also estimating that its revenues will grow to $4 billion by 2025. So, not only is it a popular stock for investors to follow, but its forward-looking growth means that it is positioned for a great long-term investment.

Previous updates:

Update March 24: Palantir Technologies (NYSE: PLTR) has kicked off Wednesday's trade with a small uptick, but that has quickly turned sour and shares are down some 1%. Shares of the secretive data analytics company are now nearing the March closing low of $22.52 recorded early in the month and remain far from the peak near $27 seen only last week. While broader markets are on the rise, tech stocks remain under pressure. Investors are awaiting President Joe Biden's infrastructure plans.

Update March 23: Palantir shares are again struggling for direction on Tuesday as the yo-yo markets continue to stifle directional trading. PLTR shares are currently below $24 on Tuesday, at $23.92 for a loss of 1.3%. 

Update March 24: Shares of Palantir Technologies Inc (NYSE:PLTR) booked nearly 4% daily loss on Tuesday to finish the day just above the $23 threshold. The stocks struggled for directional for the most part of Tuesday’s trading session but the bears regained control in the American afternoon.

NYSE:PLTR has been one of the most heavily debated stocks since it went public via a direct listing in September of 2020. Other than GameStop (NYSE:GME), Palantir may be the most polarizing company in FinTwit circles, and much of the discussion does not even touch on the firm’s mysterious business. On Friday, Palantir reversed the downward momentum that had followed the stock all week, as it added 1.42% to close the trading session at a price of $24.32. Shars are still down over 45% since Palantir hit an all-time high of $45,00 back in late-January. 

Update March 23: Palantir Technologies (NYSE: PLTR) have closed Monday's session with a minor drop of 0.41% to close at $24.22. The Denver-based data analytics company has been drifting alongside broader markets, which highly anticipate critical testimonies later in the day. Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen will appear before Congress and will talk about the current state of the economy, inflation and other topics. A vast $3 trillion infrastructure plan is eyed.

Shares in Palantir are just in the green on Monday as broader markets and technology share rebound from last week's drubbing. Palantir shares are trading at $24.45 up 0.5% on Monday. Stephen Cohen is reported to have sold 140,455 shares in an SEC filing last week.