- NYSE:PLTR fell again on Thursday shedding 9.40% amidst a global market selloff.
- Palantir announces a new strategic partnership with 3M to build up its digital supply chain.
- Palantir is embroiled in a lawsuit regarding one of its UK contracts.
NYSE:PLTR has had a rough week, to say the least, as a mixed quarterly earnings report and the expiration of its IPO lockup period has caused shares to plummet. On Thursday that selloff was extended alongside the broader market correction that has hit the stock market for the past couple of trading weeks. Palantir fell by 9.40% to close the trading session at $23.91, which is now over 45% off of its all-time highs of $45.00 which came earlier in the month. It has been a fairly steady decline for Palantir in February despite earning temporary status as a Reddit meme stock at the end of January.
Palantir did announce a promising new partnership with industrial conglomerate 3M (NYSE:MMM). The agreement will have 3M using Palantir’s Foundry software to improve its digital supply chain and all-around logistical evolution, as 3M attempts to modernize itself in the new world of eCommerce business. Just add 3M to the multiple high-end contracts that Palantir has added this year, including ones with the U.S. Government, IBM (NYSE:IBM), and SOMPO Holdings, a Japanese healthcare and insurance company.
PLTR stock forecast
On Thursday it was also announced that Palantir is in the midst of a lawsuit filed by Open Democracy, a UK based political website. The lawsuit comes on the heels of Palantir and the N.H.S. or the National Health Services of the UK agreeing on a new contract extension. Open Democracy has been openly critical of Plantir in the past and the site claims that the contract was extended without any public input regarding the future of Palantir’s access to citizen data.
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: The hunt for the 0.7000 hurdle
AUD/USD quickly left behind Wednesday’s strong pullback and rose markedly past the 0.6900 barrier on Thursday, boosted by news of fresh stimulus in China as well as renewed weakness in the US Dollar.
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.
Ethena Labs launches new UStb stablecoin backed by BlackRock's BUIDL token
Ethena Labs announced on Thursday that it has released a new stablecoin product, UStb. The new stablecoin will be fully collateralized by BlackRock's USD Institutional Digital Liquidity Fund and function similarly to a traditional stablecoin.
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.