- NYSE:PLTR drops by 2.75% as growth stocks continue to get beaten down in a hostile market environment.
- Palantir continues to be a target of Ark Invest as it loads up on the depressed stock.
- Palantir finds intraday strength as a bullish reversal takes place.
NYSE:PLTR seems to have a giant target on its back from hedge funds as the data analytics giant continues to get flattened following an optimistic earnings call. On Thursday, Palantir fell a further 2.75% to close the trading session at $18.37, as the stock continues to grasp for support beneath its 50-day and 200-day moving averages. Palantir has now finished red in twelve of the last thirteen trading days, as the strong descending wedge continues to show bearish flags in this tumultuous market.
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Palantir certainly has one strong supporter in Ark Invest’s Cathie Wood, who once again loaded up on the stock after the closing bell on Wednesday. The cutting edge investing firm publicly discloses its ETF holdings after every trading day, and many on social media have picked up on Wood’s purchases of Palantir. Ark purchased a further 2,067,489 shares for its flagship Ark Innovation ETF (ARK.K), making Palantir one of the fund’s largest holdings alongside companies like Tesla (NASDAQ:TSLA), Square (NYSE:SQ), and Sea Limited (NYSE:SE).
PLTR price prediction
Thursday saw Palantir dip down to $17.82 in intraday trading, before seeing a bullish reversal in the afternoon which brought the stock price back up to $18.37 before the closing bell. It is a good sign for investors that Palantir found support before falling further as the stock has not seen these levels since November, just two months after the company made its debut via direct listing.
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