- NYSE: PLTR has been one of wallstreetbets most discussed stocks in 2021.
- Palantir shares are up 65% for 2021 so far!
- Peter Thiel backed Palantir has a 10% short interest.
Update: Palantir (PLTR) signs multi-year enterprise partnership with Rio Tinto. PLTR shares are surging ahead in Thursday’s pre-market trading on the back of this news breaking through $40!
Update: Wednesday, January 20 – William Blair initiates coverage on PLTR with a market perform rating. The firm is optimistic about strong growth in 2021 but concerned about new US administration.
Previous update: Palantir Technologies Inc (NYSE: PLTR) has been surging over 10% and trades at around $27.50, the highest level since Christmas. Stock analysts are becoming growingly bullish on the analysts firm, despite its secrecy and as it expands its offering. One of the positive factors going for the firm backed by Peter Thiel is that is has contracts with the US government. President-elect Joe Biden presented a $1.9 trillion stimulus plan, and some of these funds may go to the firm.
Update: NASDAQ: PLTR is holding its ground on Wednesday after edging lower on Tuesday. Zooming out of the daily ebb and flow, Palantir's shares are holding onto the $26 area, around the highs for 2021 so far. The recommendation from Jefferies keeps the analysis stock bid. Investors are also encouraged by the firm's involvement in efforts to curb coronavirus, a move away from more secretive defense contracts. Markets prefer more transparency.
Some investors perform their own research – and others jump on studies performed by others. That seems to be the case in the recent rise of Palantir Technologies Inc (NASDAQ: PLTR) which has risen by 2.90% on Monday and is set to gain an additional 1.50% on Tuesday, according to pre-market trading.
The increase to $26.32 would be the fourth consecutive day of gains, but still short of the $30 price target put by Jeffries. Brent Thill, an analyst at the renowned firm, boosted his objective from $18 and maintained his "Buy" recommendation, adding a "Street High" characterization.
Thill also cited the company's unique offering of high-end data analysis and expected robust growth. Not all is known about the company founded by Alex Karp and received investments from Peter Thiel and others. The company came under criticism for its contract with the US Immigration and Customs Enforcement (ICE) over family separations.
Palantir heavily depends on contracts from various branches of the US government, including the Department of Defense. It also has clients in banking and other financial sector companies. The Denver-based company has also had a role in supporting Britain's National Health Service in the current coronavirus crisis.
PLTR Stock Forecast
The $30 level is in sight according to Jeffries, but the road ahead may be more tricky. The firm is already valued at over $45 billion and has suffered a fall in December, partially due to sell recommendations. With that hurdle over, there are still other issues weighing on PLTR.
One concern is the expiry of founders' IPO lockup period – which currently forbids insiders to sell their stock. The chains will fall sometime in February when the company publishes its earnings.
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.
This article is for information purposes only. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. It is important to perform your own research before making any investment and take independent advice from a registered investment advisor.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to accuracy, completeness, or the 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. The author will not be held responsible for information that is found at the end of links posted on this page.
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 bounces off lows, retests 1.1370
Following an early drop to the vicinity of 1.1310, EUR/USD now manages to regain pace and retargets the 1.1370-1.1380 band on the back of a tepid knee-jerk in the US Dollar, always amid growing optimism over a potential de-escalation in the US-China trade war.
GBP/USD trades slightly on the defensive in the low-1.3300s
GBP/USD remains under a mild selling pressure just above 1.3300 on Friday, despite firmer-than-expected UK Retail Sales. The pair is weighed down by a renewed buying interest in the Greenback, bolstered by fresh headlines suggesting a softening in the rhetoric surrounding the US-China trade conflict.
Gold remains offered below $3,300
Gold reversed Thursday’s rebound and slipped toward the $3,260 area per troy ounce at the end of the week in response to further improvement in the market sentiment, which was in turn underpinned by hopes of positive developments around the US-China trade crisis.
Ethereum: Accumulation addresses grab 1.11 million ETH as bullish momentum rises
Ethereum saw a 1% decline on Friday as sellers dominated exchange activity in the past 24 hours. Despite the recent selling, increased inflows into accumulation addresses and declining net taker volume show a gradual return of bullish momentum.
Week ahead: US GDP, inflation and jobs in focus amid tariff mess – BoJ meets
Barrage of US data to shed light on US economy as tariff war heats up. GDP, PCE inflation and nonfarm payrolls reports to headline the week. Bank of Japan to hold rates but may downgrade growth outlook. Eurozone and Australian CPI also on the agenda, Canadians go to the polls.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.