PLTR Stock Forecast: Palantir Technologies defies Soros and kicks off the week with gains

NYSE:PLTR surged by 9.25% on Friday to cap off an eventful week for the company.
Noted investor George Soros officially closes out his position in Palantir.
Palantir remains committed to Bitcoin, even as other companies backtrack during the recent crypto volatility.

Stocks Reporter FXStreet

Update May 17: Palantir Technologies Inc (NYSE: PLTR) has kicked off the new week with a moderate increase. At the time of writing, it is trading at $20.22, extending its bounce from the round $20 level. It is essential to note that the battle between bulls and bears is wide open after several high-profile names have been associated with the stock. Apart from Soros, ARK, run by Cathie Wood, has been involved in the stock.

NYSE:PLTR has become a stock that always seems to be in the financial headlines, even if many retail investors still have no idea of what the company actually does. On Friday, to close out another roller coaster week for Palantir investors, the stock rebounded nicely to gain 9.25% and finished the trading session at $20.08. As far as the valuation issues that plagued Palantir at its peak, the stock is still trading at a fairly expensive price to sales ratio of 31 which is sure to give some investors pause when considering Palantir at its current price level.

Stay up to speed with hot stocks' news!

Noted venture capitalist and private equity investor George Soros has officially liquidated his position in Palantir, citing ethical issues with the future of big data. Soros has held the investment in Palantir long before the company direct listed on Wall Street and has admitted in the past that he has regretted backing Palantir from the beginning. Soros’ exit comes at an interesting time as Palantir remains a battleground stock between retail and institutional investors, particularly when it comes to the divisive ETFs of Cathie Wood’s Ark Invest.

PLTR price prediction

Palantir reported at its quarterly earnings call that it would be accepting Bitcoin as a payment moving forward, and may even consider holding the cryptocurrency as an investment on its balance sheet. This comes as other major companies like Tesla (NASDAQ:TSLA) and Square (NYSE:SQ) have backtracked on their commitment to Bitcoin, with Tesla CEO famously citing environmental concerns with Bitcoin mining that go against Tesla’s dedication renewable energy.

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Stocks Reporter

FXStreet

EUR/USD holds losses below 1.1850 ahead of FOMC Minutes

EUR/USD stays on the back foot below 1.1850 in the European session on Wednesday, pressured by renewed US Dollar demand and reports that ECB President Lagarde will step down before the end of her term. Traders now look forward to the Minutes of the Fed's January monetary policy meeting for fresh signals on future rate cuts.

GBP/USD defends 1.3550 after UK inflation data

GBP/USD is holding above 1.3550 in Wednesday's European morning, little changed following the UK Consumer Price Index (CPI) data release. The UK inflation eased as expected in January, reaffirming bets for a March BoE interest rate cut, especially after Tuesday's weak employment report.

Gold retains bullish bias amid Fed rate cut bets, ahead of Fed Minutes

Gold sticks to modest intraday gains through the early European session, reversing a major part of the previous day's heavy losses of more than 2%, to the $4,843-4,842 region or a nearly two-week low. That said, the fundamental backdrop warrants caution for bulls ahead of the FOMC Minutes, which will look for more cues about the US Federal Reserve's rate-cut path.

Pi Network rally defies market pressure ahead of its first anniversary

Pi Network is trading above $0.1900 at press time on Wednesday, extending the weekly gains by nearly 8% so far. The steady recovery is supported by a short-term pause in mainnet migration, which reduces pressure on the PI token supply for Centralized Exchanges. The technical outlook focuses on the $0.1919 resistance as bullish momentum increases.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Top 3 Price Prediction: Bitcoin, Ethereum, and Ripple face downside risk as bears regain control

Bitcoin, Ethereum, and Ripple remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.