- PLTR fell by 4.77% on Monday alongside a broader market sell off.
- Palantir stock recovers on Tuesday and is up 2% from the open.
- Palantir may be in danger of losing one of its lucrative partnerships.
Update: Palantir stock is recovering some ground on Tuesday as a global stock market recovery is underway. At the time of writing the stock is up 2% just from the opening bell. The stock still has a long way to go to recover from recent losses. Palantir has suffered more than most as it is a very high growth stock and so affected by higher bond yields.
NYSE:PLTR investors woke up to a sea of red to start the week as the broader technology sectors sold off in reaction to the 10-year treasury bond yield rising once again. On Monday, shares of PLTR fell by 4.77% and closed the tumultuous trading session at $23.17. Palantir has hit some rough waters as of late as the stock has now lost over 14.0% in the past week and 13.0% during the past month. The NASDAQ was the big loser on Monday as the tech-heavy exchange dipped for the sixth time in the past seven sessions, while the Dow Jones shed a further 323 basis points and the S&P 500 dropped by 1.3%.
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Some good news for the data analytics company as Palantir reported it has signed back on for another round of cloud-based data support for the NIH and NCATS. Both health-related agencies are continuing their collaboration with Palantir in the field of COVID-19 research and analysis. Palantir was first awarded the contract in April of 2020 at the start of the project, and it seems as though the U.S. government is intending on the company to see the project through to the finish.
PLTR stock forecast
Now for some bad news for Palantir investors that broke late last week. The company is in danger of losing one of its most lucrative and infamous contracts with ICE or the U.S. Immigrations and Customs Enforcement. This was one of the first contracts that brought Palantir to the mainstream attention with many people against the way its platform was being used. Now, it seems that ICE is preparing to replace Palantir with its own in-house system.
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