- NYSE:PLTR shares are strong on Thursday as Cathie Wood ARK Invest buys more.
- PLTR shares up 7% at the time of writing on Thursday.
- PLTR shares have struggled to maintain momentum after Q4 results disappointed.
Update March 4: Shares in PLTR are stronger on Thursday as Cathie Wood of ARK Invest buys more shares on Wednesday. It is unclear if this is lock-up stock from founders and senior executives but ARK Invest has been purchasing large blocks of Palantir shares recently. PLTR shares are trading $25.29 up 7%.
Stay up to speed with hot stocks' news!
NYSE:PLTR has had its roughest week since becoming a public company at the end of September 2020, and the slide could extend as the markets enter March on a choppy note. On Friday Palantir traded mostly flat, trimming 0.25% to close the trading session at $23.90 as shares lost nearly 18% since the start of the week. Palantir has been mired in a month-long dip and as the global market continues to be unsettled, there could be more pain ahead for shareholders in the coming weeks.
More insiders of Palantir’s executive team are selling off their shares since the IPO lockup period has expired. The total sum comes to a staggering $112 million as the insider sell off continued on Friday, another catalyst in the stock price being driven down over the past week. Insider selling is not uncommon, especially in Silicon Valley, where big tech companies often pay high-ranking employees with stock-based compensation. Still, investors always seem to react to the news of insiders selling shares as executives having a bearish outlook on their own company.
PLTR stock forecast
Palantir shareholders received another reminder of how the company is publicly viewed with the lawsuit from UK political site Open Democracy over the undisclosed contract with N.H.S. While controversy is nothing new to Palantir, shareholders or potential investors should know that there is always a chance that other companies or agencies will refuse to work with the data analytics company in the future. Palantir has a very public reputation of being a hired gun of the U.S. government, and has been involved in several projects that seemingly undermine the privacy of citizens.
Previous updates
Update March 3: The S&P 500 Index has opened Wednesday's trading session with a slide, yet Palantir Technologies (NYSE: PLTR) shares are on the rise. However, these gains are meager. While broader equity markets are influenced by rising bond yields, there is no new explanation for movements in the Denver-based firm. One of the previous factors shaping trading was the scooping up of shares by Cathie Wood's ARK Investment. That bullish driver seems to be dimishing. Cathie Wood of Ark Invest who recently made some large purchases of PLTR is to speak to Benzinga in a Q&A forum later today at 1400 EST.
Update March 2: Palantir Technologies Inc (NYSE: PLTR) has been changing hands at $25.05 in Tuesday's premarket trading, up nearly 1% – on top of gains of 3.81% recorded on Monday. The primary driver for early March's increase can be linked to one person – Cathie Wood. The star manager of Ark Investment added over three million PLTR shares to her fund's portfolio, influencing other traders to jump on the Denver-based data analytics company. Wood has been in the public eye after successful ventures into Bitcoin and Tesla.
Update March 1: March begins with an upward march for Palantir Technologies Inc (NYSE: PLTR) which is up above $25, an increase of some 5%. Cathie Woods, who manages Ark Investments, has reportedly added to her fund's position on the firm. The endorsement by Woods, who is gaining traction on financial media and among RobinHood traders, is helping Alex Karp's company higher. It is essential to note that there is a long way to reach the February peak of $38.17.
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
EUR/USD struggles to hold above 1.0400 as mood sours
EUR/USD stays on the back foot and trades near 1.0400 following the earlier recovery attempt. The holiday mood kicked in, keeping action limited across the FX board, while a cautious risk mood helped the US Dollar hold its ground and forced the pair to stretch lower.
GBP/USD set to swoon on holiday-shortened week
GBP/USD waffled near the 1.2550 level on Monday, kicking off the holiday trading week with a third of a percent decline as market sentiment coils. Market volumes are set to drain out of global exchanges as investors broadly hang up their hats for the Christmas holiday, and global markets will be shuttered on Wednesday.
Gold flat lines above $2,600 ahead of holiday trading week
Gold price trades flat around $2,610 during the early Asian session on Tuesday. Markets face a relatively quiet trading session ahead of the holiday trading week. The US Richmond Fed Manufacturing Index for December is due later on Tuesday.
Ethereum risks a decline to $3,000 as investors realize increased profits and losses
Ethereum is up 4% on Monday despite increased selling pressure across long-term and short-term holders in the past two days. If whales fail to maintain their recent buy-the-dip attitude, ETH risks a decline below $3,000.
Bank of England stays on hold, but a dovish front is building
Bank of England rates were maintained at 4.75% today, in line with expectations. However, the 6-3 vote split sent a moderately dovish signal to markets, prompting some dovish repricing and a weaker pound. We remain more dovish than market pricing for 2025.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.