NYSE:PLTR gained 1.86% during Wednesday’s trading session.
Palantir may need more than just contracts to attract investors.
Palantir is trending upwards, but is still in between support and resistance levels.
NYSE:PLTR climbed higher once again on Wednesday, even as the broader markets saw another flat day overall. Shares of PLTR gained 1.86% and closed the trading session at $24.13. It was the third straight session that Palantir has finished the day in the green, despite ongoing volatility during October’s OPEX week. While the S&P 500 and NASDAQ both managed to close incrementally higher on Wednesday, the blue-chip Dow Jones fell for the fourth straight session. Economic data was mixed as consumer prices edged higher, while inflation for September was in line with analyst estimates. The Federal Reserve also officially announced it may begin its tapering process by mid-November.
Despite the recent influx of new contracts, including the $823 million behemoth deal with the U.S. Army, Palantir’s stock continues to trade sideways. It has been trading in a consolidation range for several months now, and investors may be getting a little impatient with the minimal activity with the stock’s price. Reddit’s WallStreetBets users were circulating comments about Palantir’s stagnant stock, with one particular comment getting traction. One user posted, “it’s the year 3100. Jesus Christ has returned and there is peace on Earth. Palantir is still trading at $23.50”. The tongue in cheek quote was circulating Reddit and FinTwit, which could show that retail investors are losing patience with Palantir.
Palantir’s stock continues to find momentum in its current uptrend, and it has used the trendline as a rising level of support. Palantir has had a history of trading higher into its quarterly earnings calls, and with the next call scheduled for mid-November, we could see a continued uptrend in Palantir’s stock until then