PLTR Stock Price: With Palantir Technologies Inc hits expected to extend its rally after 8.9% surge

• Palantir shares ended Friday up 2.6%.
• PLTR has seen ARK Invest purchase more shares.
• PLTR, one of the retail meme stocks of 2021, down 50% from 2021 highs!

Update April 14: Palantir Technologies Inc (NYSE: PLTR) shares have soared by 8.91%  on Tuesday, hitting $25.42, the highest since mid-March. According to Wednesday's premarket data, investors in the secretive data analytics firm are set to benefit from another upswing to $25.50. The move comes amid a broad market rally, after US inflation figures remained benign, prompting a sigh of relief in markets. Technically, this may be the big breakout bulls have been waiting for. 

Palantir shares rallied on Thursday to close up 2% as the broad market, and the Nasdaq in particular, led the way. PLTR shares closed at $23.41 for a 2.2% gain.

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Palantir launched on the stock market at the end of September 2020 at a price of $7.25 a share. PLTR was co-founded by legendary Silicon Valley investor Peter Thiel. The firm is a data mining and analytics technology company. It helps companies integrate and analyse their various diverse data sets to help make sense of complicated data. Palantir streamlines decision-making based on data analysis. The company helps with search functions and is heavily involved in the security industry, with links to law enforcement agencies such as the FBI, CIA, and Department of Defense.

What is the PLTR price target?

Palantir has been the subject of much discussion and speculation this year as it captured the attention of the growing band of retail traders. PLTR rose to nearly $45, having been in the  $10 to $15 range during the October to November 2020 stretch. 

Analysts though have largely been unimpressed with the frenzy and stayed with longer-term views. The Refinitiv average price target currently is $27, a 15% upside from the current share price. PLTR is not that well covered with only 7 analysts covering the stock. Two analysts rate it as a buy or strong buy, three are neutral and three rate PLTR as a sell or strong sell. 

Goldman Sachs was one of the more noted upgrades after PLTR released its Q4 2020 results. Goldman increased their price target from $13 to $34 and upgraded their rating from neutral to buy. Goldman was particularly impressed with the strong growth rate and guided future growth rates of near 30%.

Cathie Wood's ARK Invest bought another one million shares on Wednesday, adding to earlier block purchases of PLTR. On Monday, Palantir announced it had been selected by the National Nuclear Security Administration for a five-year, $89.9 million contract. Just another government contract to add to its growing list.

Palantir technical analysis

Technically, the stretched resistance to take out and resume a longer-term bullish trend is at $27.47, the mid-March high. Before that, the 21-day moving average resistance was tested at $23.80. The MACD has crossed over, giving a buy signal, and a move above recent highs near the 21-day resistance would be a nice confirmation.

The 9-day moving average is acting nicely as support and needs to continue doing so as a break is obviously short-term negative. 

Given broader market bullishness, the Cathie Wood catalyst and a new government client, a bullish trade with a tight stop just below the 9-day moving average could work for short-term traders. 

Support at $21.18 really has to hold to keep any chance of bullishness.

Previous updates

Update April 12: Palantir Technologies (NYSE: PLTR) has closed Friday's trading session at $24.04, an increase of 2.69% and is set to extend its gains to $24.15, according to Monday's pre-market trade. One of the upside drivers of Alex Karp's firm has been buying by ARK, Cathie Woods' investment house. Nevertheless, the Denver-based company is vulnerable to the ebb and flow between value and growth stocks, an ongoing change in the market mood. 

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