Palantir Technologies (PLTR): Stock Price and Forecast: Gamestop rally back on, will it spread


  • PLTR shares may be back on retail trader's minds as Gamestop returns.
  • PLTR results had disappointed investors.
  • ARK Invest had taken a size position in PLTR.

The Gamestop revolution is back for a sequel and traders are starting to look around at other names that had been in the retail crosshairs back in January. Palantir (PLTR) was one such stock.

See S&P 500 Forecast Day Ahead news

PLTR Stock News

Palantir shares had been driven to a high of $45 on January 27. This day was also the peak for many other retail meme stocks as the frenzy reached fever pitch. Shares in Palantir then gradually slid back to trade sub $30 as investors awaited results on February 16.

Palantir's results release disappointed investors with a loss from operations of $156.6 million. Palantir did beat revenue estimates with $322 million versus an estimated $300 million. 

Palantir shares slipped after the results release closing February 16 down nearly 13% at $27.84. However, the shares quickly received a number of catalysts. Firstly Goldman Sachs issued a strong upgrade to PLTR shares on February 17. Goldman upgraded the stock from neutral to buy and increased their price target from $13 to $34.  "With improving visibility into near- and long-term growth, we believe PLTR should trade more in line with 30%+ growth businesses, which are trading at 44x CY21 sales, our new target multiple for PLTR on SNTM sales," Goldman said. 

Secondly Cathie Wood of ARK Invest on Thursday, February 18 posted that they had purchased 5.2 million shares in Palantir (PLTR). This was in addition to a purchase of 1.5 million shares posted on Tuesday, February 16. Palantir shares rallied 15% on February 19 to close at $29.

Palantir Technologies Inc. Share Price

PLTR shares are currently trading at $25.13 at the time of writing, a loss of over 4% for Thursday. Retail trades have been back in vogue on Thursday as Gamestop surges on Wednesday and during Thursday's pre-market. PLTR has yet to be caught up in the frenzy. 

 

PLTR Technical analysis

Failure to recapture the psychological $30 level and ensuing broader market weakness, particularly for tech names led shares in PLTR to slide back towards $25. Support at $22.47 is key to the bullish trend. 

PLTR

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.

This article is for information purposes only. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. It is important to perform your own research before making any investment and take independent advice from a registered investment advisor. 

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to accuracy, completeness, or the 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. The author will not be held responsible for information that is found at the end of links posted on this page. 

Errors and omissions excepted.

Share: Feed news

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.

Recommended content


Recommended content

Editors’ Picks

EUR/USD treads water just above 1.0400 post-US data

EUR/USD treads water just above 1.0400 post-US data

Another sign of the good health of the US economy came in response to firm flash US Manufacturing and Services PMIs, which in turn reinforced further the already strong performance of the US Dollar, relegating EUR/USD to the 1.0400 neighbourhood on Friday.

EUR/USD News
GBP/USD remains depressed near 1.2520 on stronger Dollar

GBP/USD remains depressed near 1.2520 on stronger Dollar

Poor results from the UK docket kept the British pound on the back foot on Thursday, hovering around the low-1.2500s in a context of generalized weakness in the risk-linked galaxy vs. another outstanding day in the Greenback.

GBP/USD News
Gold keeps the bid bias unchanged near $2,700

Gold keeps the bid bias unchanged near $2,700

Persistent safe haven demand continues to prop up the march north in Gold prices so far on Friday, hitting new two-week tops past the key $2,700 mark per troy ounce despite extra strength in the Greenback and mixed US yields.

Gold News
Geopolitics back on the radar

Geopolitics back on the radar

Rising tensions between Russia and Ukraine caused renewed unease in the markets this week. Putin signed an amendment to Russian nuclear doctrine, which allows Russia to use nuclear weapons for retaliating against strikes carried out with conventional weapons.

Read more
Eurozone PMI sounds the alarm about growth once more

Eurozone PMI sounds the alarm about growth once more

The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.

Read more
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures