On Thursday, NYSE:PLTR gained 0.83 percent, outperforming the overall market.
Palantir is diversifying its own portfolio by making further investments in private enterprises.
Palantir may be on the verge of reversing higher now that it has found support.
NYSE:PLTR is one of Wall Street’s most intriguing stocks, with unpredictably high swings from one day to the next. Palantir’s stock rose 0.83 percent to $23.08 at the close of trading on Thursday. It was an unexpected move after the stock dropped on Wednesday and the broader markets dropped on Thursday. Palantir is still trading below its important 50-day and 200-day moving averages, but the drop was swiftly bought up after falling lower by 2% during Thursday’s morning session, indicating that the bulls are still trying to right the ship.
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Palantir has dramatically increased its investments in private companies, some of which are trying to go public, as reported earlier this week. Not only does this provide Palantir with a direct relationship that could lead to a collaboration using its Foundry data analytics platform, but it also provides potentially appreciating investments from having a stake in those companies. We’ve already talked about Palantir’s collaborations with Wejo and Lilium, but the company also has holdings in Babylon Health, Sarcos Robotics, and Roivant Sciences, to name a few.
Palantir bulls should take note of the trend reversal that occurred on Thursday morning, when the stock found support above the previous support region of $21.00. Palantir’s ability to remain positive on a day when most tech and growth stocks fell is already a promising indicator. The long-term aim is still in the $30-32 range, which can function as a magnet for equities when the trend turns back up. Palantir has to reclaim its 200-day moving average in order to revert to a positive outlook./n
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