Palantir Technologies Inc. (PLTR Stock) lost 25.06% of its trading price in a month’s time frame. On the August 31 trading session, the stock’s trading range was between $14.65 and $15.85, despite hitting a high of $15.85, it lost $1.35 of its trading price.
Will PLTR Stock Continue to Decline or a Short-Term Squeeze?
From August 10 till August 31, PLTR stock seems to be consolidating in the range between $13.68 to $16.35. In previous trading sessions, sellers were more active compared to buyers so it is assumed that the stock price might open below its previous closing price.
At the time of publishing, Palantir stock was trading below the 20 & 50-day exponential moving averages (EMA). At the same time, prices seemed to be trading above the 100 & 200-day EMA.
Significant selling actions have largely impacted the PLTR stock price and a major decline of 4.59% is seen in the weekly time frame. The price, too, moved 23.02% downwards in a month.
Despite short-term losses, Palantir Technologies Inc., PLTR stock price is fairly trading 8.34% above its annual price target of $13.73. In the 52-week time frame, the highest trading price of PLTR shares was $20.24, and its lowest traded at $5.92.
Till August 2023, a skyrocketing movement of 141.37% was seen in Palantir Technologies market capitalization at the time of publication was $32.23 Billion.
If sellers continued their dominance over buyers then there are possibilities that PLTR stock might fall further. PLTR Stock face immediate support of $13.88 and possibly next support of $12.34. In a different scenario, if buyers succeed in controlling the sellers’ action then chances are that Palantir stock price might surge and face immediate resistance of $15.63 and following resistance of $16.86.
In the YTD time frame, PLTR stock added 127.66% to its trading price, and a major surge of 88.43% was seen in the yearly trading range.
Palantir Technologies Inc.’s Financial Updates
Palantir Technologies Inc. (NYSE: PLTR) released the previous quarter earnings on August 7, 2023. It reported an EPS of 0.05 and revenue of $533.317 Million. The earnings were near the estimates. Despite that, PLTR stock price reacted negatively and continued the downfall.
The company is expected to report $555.71 Million in revenue in the third quarter and $599.79 Million in the fourth quarter of 2023. The expected EPS for Q3 is positive 0.06 and for the fourth quarter, EPS is positive 0.07.
According to TradingView 1.802 Billion PLTR shares are free-floating and the remaining 350.189 Million shares are closely held by the financial backers of the company or the board of members.
Major Support: $13.88 and $12.34
Major Resistance: $15.63 and $16.86
Despite a decline in the short term, Palantir Technologies Inc.’s market capitalization surged over 140% compared to the market cap in 2022. As per analysts, PLTR stock is trading above its annual price target but sellers are troubling the price action. However, it is assumed that a sharp upward movement might be seen in the coming week.
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