TLDR
- Palantir (PLTR) stock fell 2% to $197.72 in premarket trading Thursday after closing up 5% at $201.72 on Wednesday.
- Citi raised its price target to $250 from $245 and kept a Buy rating, a 24% gain from Wednesdayās close.
- The stock closed at its weekly 50-day moving average and bounced off it this week.
- Third-quarter earnings are due Nov. 2, after a second quarter with revenue up 93% and $0.41 EPS.
- Insiders sold 560,390 shares worth $97.9 million over the last 90 days, and the stock trades at a P/E above 172.
Palantir (PLTR) stock fell 2% to $197.72 in premarket trading on Thursday. That follows a 5% jump on Wednesday, when it closed at $201.72.
Palantir Technologies Inc., PLTR
The stock is up 13% this year. It is also up about 60% since its second-quarter report on Aug. 3.
Citi gave investors a reason to pay attention. The firm raised its price target to $250 from $245 and kept its Buy rating. The new target sits 24% above Wednesdayās close.
Citi expects the U.S. government and commercial businesses to post another strong quarter. The firm said it remains āconstructiveā on the stock, even after the big run since August.
The recent ride has not been smooth. Palantir has closed lower in six of the past eight sessions. Worries about debt and the huge sums needed for the AI buildout have rattled investors.
The stock is down 5.5% from its record close of $209.05 on Oct. 9. Its 52-week high is $212.94, and its 52-week low is $106.37.
Where the Stock Sits Technically
The pullback brought Palantir near its 50-day moving average, which sits around $183.73 on the daily chart. On the weekly chart, the stock closed right at that average and bounced off it this week. That is a decent sign given how weak the broader market has been.
The 200-day moving average is far lower at $153.14. Barronās named Palantir a stock pick on Oct. 5, and it has gained 6.5% since then. We donāt have a price chart with this story, so there is no RSI or MACD reading to share. A drop below the 50-day line near $184 would put the uptrend in question, while holding above it keeps the structure intact.
Analysts and Other Wall Street Moves
Other analysts have turned positive too. Goldman Sachs upgraded the stock to Buy with a $230 target on Oct. 8. Raymond James moved it to Moderate Buy that same day.
Baird set a $250 target on Oct. 12. Mizuho reportedly lifted its target to $245. The consensus rating on MarketBeat is Moderate Buy, with an average target of $203.28.
Of the analysts tracked, one has a Strong Buy, 24 have Buy, 10 have Hold and three have Sell.
Business news has helped. Palantir said it delivered sovereign AI tools to new customers, including L3Harris, McCarthy Building Companies, NVIDIA and Ondas. It also signed a partnership with Knox Systems for government cloud work.
Not everything points up. The stock trades at a P/E of 172 with a market value of $484.75 billion. ARK Invest has kept selling, and insiders have been selling under pre-arranged plans.
Robeco Institutional Asset Management raised its stake 28.4% in the third quarter, buying 147,067 shares. Its total holding is now 664,777 shares, worth about $124.3 million.
In its last report on Aug. 3, Palantir posted $0.41 per share against estimates of $0.34. Revenue came in at $1.94 billion, above the $1.81 billion expected, and was up 92.8% from a year earlier.
Palantir reports third-quarter results on Nov. 2.
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