Wedbush initates Palantir Technologies Inc. (PLTR) rating to an Outperform


Palantir Technologies Inc.’s recently made public that its insider Taylor Ryan D. unloaded Company’s shares for reported $0.43 million on Aug 24. In the deal valued at $14.35 per share,30,049 shares were sold. As a result of this transaction, Taylor Ryan D. now holds 336,656 shares worth roughly $ 4.89 million.

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Then, Karp Alexander C. sold 325,000 shares, generating $5,005,715 in total proceeds. Upon selling the shares at $15.40, the insider now owns 6,432,258 shares.

Before that, Sankar Shyam sold 316,602 shares. Palantir Technologies Inc. shares valued at $4,756,723 were divested by the insider at a price of $15.02 per share. As a result of the transaction, Sankar Shyam now holds 1,103,116 shares, worth roughly $16.03 million.

Wedbush initiated its Palantir Technologies Inc. [PLTR] rating to an Outperform in a research note published on Friday, July 28, 2023; the price target was $25. PT values the company’s stock at a premium of 41.88 to its Friday closing price.

Price Performance Review of PLTR

On Friday, Palantir Technologies Inc. [NYSE:PLTR] saw its stock jump 2.76% to $14.53. On the same session, the stock had its day’s lowest price of $14.01, but rose to a high of $14.6499. Over the last five days, the stock has gained 0.90%. Palantir Technologies Inc. shares have risen nearly 126.32% since the year began. Nevertheless, the stocks have risen 79.38% over the past one year. While a 52-week high of $20.24 was reached on 08/01/23, a 52-week low of $5.84 was recorded on 01/24/23. SMA at 50 days reached $16.11, while 200 days put it at $10.47. A total of 55.42 million shares were traded, compared to the trading of 93.59 million shares in the previous session.

Levels Of Support And Resistance For PLTR Stock

The 24-hour chart illustrates a support level at 14.14, which if violated will result in even more drops to 13.76. On the upside, there is a resistance level at 14.78. A further resistance level may holdings at 15.04. The Relative Strength Index (RSI) on the 14-day chart is 41.54, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.44, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 77.69%. Stochastics %K at 20.69% indicates the stock is a holding.

How much short interest is there in Palantir Technologies Inc.?

A steep rise in short interest was recorded in Palantir Technologies Inc. stocks on Aug 14, 2023, growing by 11.42 million shares to a total of 135.78 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 124.36 million shares. There was a rise of 8.41%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 7.23% of the overall stock float, the days-to-cover ratio (short ratio) rose to 1.73.

According to FactSet, Palantir Technologies Inc.’s share price will average $13.65 in the next year, based on opinions of analysts polled by the firm. This is down nearly -0.99 percent from its previous closing price of $14.14. Analysts expect Palantir Technologies Inc. stock to reach the higher price of $25.00, while the lowest price estimate is $5.00. However, 18 analysts have rated PLTR stock as a Hold in their predictions for 2023.


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