Should You Buy the Dip in Palantir? By StockNews
Despite Palantir’s big-data analytics company Palantir reporting several positive developments in recent months, the stock is still trading below its 52 week high. So, let’s find out if it is wise to buy the dip in the stock. Palantir Technologies Inc . (NYSE: ) is involved in developing and deploying software platforms that aid the intelligence community in their counterterrorism investigations. Over the last few months, there have been several changes. On October 4, the National Institutes of Health (NIH), National Center for Advancing Translational Sciences, (NCATS), awarded a contract for PLTR to provide a cloud-based secure data enclave that centralizes COVID-19 data for clinical collaboration. Foundry for Builders was also launched by the company on July 20.
Stock has grown by 157% in the past one year. It has fallen 13% and 5% respectively over the last month. It trades at 48.4% under its 52 week high of $45, hit January 27, 2021.
The United Kingdom announced last month that it was ending a contract with PLTR after privacy advocates raised concerns about how contracts were allocated. Spencer Rascoff, its director, sold over 100000 shares to the public in September 2021. Additionally, the stock has been less popular with hedge funds. So, PLTR’s near-term prospects look bleak. Here’s what could influence PLTR’s performance in the near term:
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