- NYSE:PLTR gained 0.68% during Tuesday’s trading session.
- Palantir is riding high after a slew of recent contracts.
- Palantir stock still needs more to impress analysts as it carries a consensus hold rating.
NYSE:PLTR managed to outpace the broader markets on Tuesday, as the stock climbed higher for the second straight day to start the week. Shares of PLTR gained 0.68% and closed the trading session at $23.69. It was another volatile day for the major U.S. indices as the Dow Jones notched another loss, shedding a further 117 basis points. Meanwhile the the S&P 500 and the NASDAQ also inched lower on Tuesday marking the third straight session where all three major indices closed in the red. On Wednesday, all eyes will be on the September inflation report, where analysts are anticipating another rise similar to what we saw in August.
Palantir has recently been outperforming the broader markets as the company begins to build some bullish momentum. After landing a massive $823 million contract with the U.S. Army, Palantir continued to add to its client portfolio with extended contract deals with Veteran Affairs and MSP Recovery as well. This is all coming together as Palantir works towards its end goal of being the default data analytics platform for the entire government sector.
PLTR stock forecast
While retail investors have been impressed with Palantir’s successes as of late, it seems as though Wall Street analysts have been harder to impress. Palantir’s stock has a consensus Wall Street rating of Hold, with an average price target of $22.63. That indicates some slight downside from Tuesday’s closing price, and is a price level that is below both the 50-day and 200-day moving averages for the stock.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.