PLTR Stock News: Palantir Technologies extends winstreak as broader markets rally

Stocks Reporter FXStreet

NYSE:PLTR gained 0.64% during Thursday’s trading session.
Palantir beat out some industry heavyweights for its recent U.S. Army contract.
The new contract has put Palantir back on the radar of r/WallStreetBets.

NYSE:PLTR has managed to turn a corner this week following a September to forget for the data analytics company. Shares of PLTR gained 0.64% on Thursday and closed the trading session at $23.73. Palantir extended its recent win streak to three days, although the stock is still down by nearly 2.0% during the past week. The broader markets rallied on Thursday following a short-term solution to the ongoing debt ceiling issue. The Dow Jones jumped 337 basis points while the NASDAQ led the way gaining 1.05% during the session following several weeks of volatility for growth sectors.

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On Tuesday, Palantir announced that it was the successful vendor in the $823 million U.S. Army intelligence modernization project. Now, it seems as though Palantir was able to beat out some industry heavyweights to win the contract. Originally, it was believed that the British company BAE Systems was the successful vendor back in June of 2020, but since then Palantir has managed to come out on top. Palantir also beat out aerospace juggernaut Raytheon Technologies (NYSE:RTX), which is a surprise considering Raytheon’s long history with the U.S. military.

PLTR stock forecast

For now, shares of Palantir are trading right around the top end of analyst price targets for the stock. The recent contract has also re-sparked interest for Palantir in r/WallStreetBets and other social media discussion forums. While it hasn’t behaved like other meme stocks, Palantir is consistently one of the top stocks mentioned in the subreddit, and remains firmly on the radar of retail investors everywhere. Even CEO Alex Karp has said that Palantir’s stock is a long-term investment, so there is a chance that despite the new contract, Palantir continues to trade within range for the rest of 2021.

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Stocks Reporter

FXStreet

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