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Palantir Technologies Inc (NYSE:PLTR) shares are trending Thursday. Here’s a look at what you need to know.
What To Know: Palantir and several other names in the broader technology sector raced higher Wednesday afternoon amid overall market strength after the Federal Reserve left rates unchanged and signaled that it’s likely to cut rates at some point this year.
Lower rates make it easier to borrow money, which can help boost company earnings and stimulate economic growth. The stock appears to be moving on continued momentum Thursday morning.
Palantir shares may also be getting a boost from strong earnings out of Micron. Micron beat analyst estimates on the top and bottom line, issued strong guidance and highlighted the multi-year opportunity ahead, enabled by artificial intelligence (AI).
Micron also said strong demand for its AI servers is positively impacting pricing across memory and storage end markets.
Palantir is considered one of the early leaders in the AI race. The company’s stock is up nearly 200% over a one-year period, largely due to the company’s positioning in the AI space.
Check This Out: Micron’s Q2 Earnings Growth Fueled By AI — High Bandwidth Memory Investments Key
Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.
Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at Palantir, an investor could make an assessment about a stock's long term prospects using a moving average and trend line. If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line. For Palantir, the 200-day moving average sits at $17.89, according to Benzinga Pro, which is below the current price of $25.20. For more on charts and trend lines, see a description here.
Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.
PLTR Price Action: Palantir shares were up 2.65% at $235.22 at the time of publication, according to Benzinga Pro.
Photo: Cory Doctorow from Flickr.
Posted In: PLTR
