PLTR Stock News: Palantir Technologies trades higher as it carries momentum from recent contracts

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. 

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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.