- NYSE:PLTR declined to close the week as the stock fell by 2.12%.
- Palantir’s involvement in the UK government has its share of critics.
- Lilium is set to merge with its SPAC in the third quarter of 2021.
NYSE:PLTR closed out the month of July in the red, as the popular data analytics company declined by a total of 12% during the month. On Friday, shares of Palantir fell by 2.12% to close the trading session at $21.71. The markets were dragged down by the eCommerce giant Amazon (NASDAQ:AMZN) which tumbled 7.6% as the company missed revenue estimates for the second quarter. All three major indices closed the day in the red, although the S&P 500 managed to eke out its sixth straight positive month. Palantir was not able to hold its 8 day exponential moving average, and sees a declining RSI, which is generally an indication that the general trend is still bearish.
Stay up to speed with hot stocks' news!
Palantir is still working on its reputation in the court of public opinion, and it’s recent contracts with the UK government have not done much to improve this. NHS employees have openly criticized Palantir’s Foundry platform which allegedly impedes their ability to access certain datasets. After being awarded nearly £100 million over the years, UK citizens have spoken out against the company, causing the government to re-evaluate further contract extensions.
PLTR stock forecast
One of Palantir’s recent SPAC PIPE investments is Lilium, is a vertical take off, or eVTOL company based out of Germany. The company is merging with Qell Acquisiiton Corp (NASDAQ:QELL) and announced it would be completing the merger at some time in the third quarter of 2021. Palantir is an early investor in Lilium, alongside Chinese tech conglomerate Tencent, and Lilium has already been approved to begin using Palantir’s Foundry platform for its data analytics.
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
Editors’ Picks
AUD/USD consolidates near 19-month peak as traders await US PCE Price Index
AUD/USD oscillates in a range below the 0.6900 mark, as traders opt to move to the sidelines ahead of the US PCE Price Index. In the meantime, the RBA's hawkish stance, the optimism led by additional monetary stimulus from China, the prevalent risk-on mood, and a bearish USD continue to act as a tailwind for the pair.
EUR/USD rebounds on Thursday after midweek pullback
EUR/USD tuned back into the high end on Thursday, getting bolstered by a broad-market selloff in the Greenback. US data that printed better than expected helped to ease concerns of a possible economic slowdown within the US economy looming over the horizon.
Gold holding at higher ground at around $2,670
Gold breaks to new high of $2,673 on Thursday. Falling interest rates globally, intensifying geopolitical conflicts and heightened Fed easing bets are the main factors.
Ethereum investors show bullish bias amid ETF inflows and positive funding rates, exchange reserves pose risk
Ethereum traded around $2,640 on Thursday, up more than 2% following increased bullish bias among investors, as evidenced by ETH ETF net inflows and an uptrend in funding rates. However, investors may be wary of a potential correction from ETH's rising exchange reserve.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.