- NYSE:PLTR gained 3.81% on Tuesday as shares continued to gain bullish momentum.
- Peter Thiel’s Founders Fund loads up on shares of Palantir.
- Palantir could be feeding off the resurgence of the current meme stock rally.
NYSE:PLTR has seemingly turned a corner for investors, as the recent quarterly earnings has put to rest any concerns of the company’s performance thus far. On Tuesday, shares continued to climb as the stock gained 3.81% to close the trading day at $21.24. Even as other growth stocks dipped in the afternoon as the broader markets fluctuated closer to the end of the day, Palantir showed strength heading into the closing bell. Palantir’s bullish uptrend continues as it is once again approaching its 50-day moving average price of $22.22.
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Another institutional fund loaded up on shares of Palantir on Monday, and this time, investors were definitely taking notice. The reason for that is because this fund is the Founders Fund which is backed by Palantir co-founder Peter Thiel. The fund added over 22 million shares on Monday, which equates to a position of over $515 million. Much has been made about well known hedge funds either opening or closing positions in Palantir as of late, and it’s clear that the stock remains just as divisive for institutional investors as it does for retail investors.
There is another theory to the recent performance of Palantir’s stock as well. Since last week, there has been another coordinated meme stock short squeeze centered around movie theater chain AMC (NYSE:AMC). The hashtag #AMCSqueeze has been trending on social media and Redditors have been using their diamond hands to hold strong. Other meme stocks like GameStop (NYSE:GME) and Palantir have rallied alongside AMC, so the recent surge could be a product of meme stock momentum rather than actual company performance.
