PLTR News: Palantir Technologies rises again as Ark Invest loads up before earnings

NYSE:PLTR gains 0.99% as the broader market rallies to new all-time highs.
Ark Invest files a new 13F which shows an increase in ownership of 64.67%.
Palantir continues to form an ascending triangle, as the breakout is retested.

Stocks Reporter FXStreet

NYSE:PLTR has finally strung together some back to back green days, as the stock begins to build some momentum ahead of its earnings call on August 11th. On Thursday, shares of Palantir added 0.99% and closed the trading session at $22.52. Palantir managed to outpace the broader markets but not by much, as the S&P 500 hit a fresh new all-time high and the NASDAQ hit a 52-week high at the close. The markets were surprisingly bullish ahead of Friday’s key July jobs report, which could have a direct impact on the Federal Reserve’s monetary policy tightening in the coming quarters.

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One bullish signal for retail investors came discretely when Ark Invest filed a new form 13F with the SEC. In that form, Ark Invest notes that it has increased its holdings of Palantir’s stock from 18,632,471 shares at the end of May, to 30,681,798 shares at the end of June. Does Cathie Wood know something about the upcoming earnings report that we don’t? Or did she just manage to time the dip well, just as she did earlier this week with Robinhood (NASDAQ:HOOD) after its recent IPO.

PLTR stock forecast

Palantir’s trend may be pointing back to bullish now as the daily chart is starting to make an ascending triangle formation. This formation is made with higher highs and higher lows, as the stock trends upwards until the next level of resistance. Palantir looks to be trying to time a breakout and the upcoming earnings call could be the catalyst it needs if the results are positive.

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FXStreet

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