Palantir (PLTR) has had it’s best week since debut in September. It’s apparent that Palantir is building up cult like support from investors like Tesla (TSLA).
The company’s stock price rose 52% since Monday and touched a fresh intraday record at $33.50. The stock lost some of the gains on Friday after Citron Research said in a tweet it was shorting the stock with a $20 target. The company ended the session at $27.66.
“A lot of institutions have probably warmed up to the company and are viewing it as something to hold onto for the long term, It’s a great software company, and it has a terrific business, a very sticky business, not just with governments but also enterprises.”
Wayne Kaufman, Chief Market Analyst at Phoenix Financial Services
Trading in Palantir options also surged this week with average daily volume of call contracts jumping about 250% in the first three days of the week when compared to the prior week. An analysis of open interest shows most of the contracts being opened and closed in the same day, indicating a heavy presence of day traders.
After an initial lackluster performance following its direct-listing stock debut, gains for the Denver-based firm, which sells data-analysis tools, have accelerated after hedge funds, including Steve Cohen’s Point72 Asset Management, reported purchasing the company’s shares.
“Big-data companies have become very important and historically have been excellent stocks. Also, Palantir is benefiting from the pandemic — tracking cases and analyzing data is right in its wheelhouse,” Kaufman said.
Little known stock to put $50 in RIGHT NOW!
The electric vehicle boom is just getting started… and we have just uncovered one of the most profitable company that’s about to go public through a SPAC. Even Wall Street is excited, calling it “A promising challenger to Tesla”, they even called it “Electric vehicle gold.”
Subscribe below and don’t miss out on this opportunity!
