PLTR News: Palantir Technologies bounces off support despite extending its decline

NYSE:PLTR continued its decline on Thursday, but shareholders may be happy to know that it seems to be part of a broader growth sector correction rather than anything to do with its business. Shares of Palantir fell by 0.42% on Thursday, to close the trading session at $21.47. The day was looking much worse for Palantir as it fell as low as $21.01 but shares predictably bounced off the support level at $21.00 and pared earlier losses by the closing bell. Palantir has certainly been on a bearish downtrend as of late, and with current sentiment surrounding growth stocks, the stock will need a lot of bullish volume to reverse the current trend. 

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There hasn’t been much in the way of good news for Palantir over the past few weeks, but the stock did receive a positive upgrade from Zacks.com. The investment research site upgraded Palantir to from a sell rating to a hold. While it’s not as promising as a buy or strong buy rating, it is a step in the right direction for the stock. Currently Palantir has an average rating of hold amongst analysts covering the stock, and a median price target of $21.44.

PLTR stock forecast

Palantir co-founder Joe Lonsdale is teaming with Lineage Logistics, a Morgan Stanley (NYSE:MS) backed company, to further investments into the transportation and logistics industry. Lonsdale’s company is called 8VC, and was a notable early investor in former Facebook (NASDAQ:FB) executive Dustin Moskovitz’s company Asana (NYSE:ASAN). Adding more stakes in companies can only lead to more potential clients for Palantir’s data analytics platforms in the future.