PLTR Stock Price: Palantir Technologies rallies to close the week strong

NYSE:PLTR ended flat on Friday after plummeting during intraday trading.
Palantir has the eye of Ark Invest as the fund continues to load up on the data analytics giant.
Palantir’s stock may be at the mercy of institutional hedge funds in the short term.

NYSE:PLTR avoided another disastrous week on the markets as it continues to be beaten down during the recent tech sector correction. On Friday Palantir sank during intraday trading, but much like the rest of the S&P 500, rallied into the closing bell. Overall, Palantir ended the trading session unchanged at $22.58 but has been able to garner some support in after hours trading. The data analytics company is now down nearly 50% off of its all-time highs of $45.00 set in late January, and continues to struggle following its IPO lockup expiry where executives unloaded millions of shares.

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One of the leading funds that retail and institutional investors follow is Ark Invest, and during Palantir’s downward trend, the investment group has been loading up on its shares. On Thursday, lead investor Cathie Wood once again added nearly a million more of Palantir’s shares to several of Ark’s ETFs. Like Wood, Palantir CEO Alex Karp has also been quoted as saying that the stock is for long-term investors and not for short-term traders. Investors who add some Palantir at these price levels may be getting a massive bargain compared to a few years down the road.

PLTR Stock forecast

Part of the volatility surrounding Palantir is its popularity amongst retail investors, particularly those who are a part of the great Reddit movement against Wall Street. Cathie Wood has also received some criticism and backlash from other institutional investors of late, so investors could expect these headwinds to continue to have an effect on Palantir’s stock. Things could be choppy, at least until Palantir’s next quarterly earnings call near the end of May.

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