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Palantir Technologies Inc. (NYSE:PLTR) shares are trading lower Friday amid overall market weakness. Here's a look at what's going on.
The Details:
Investors are growing concerned that the Federal Reserve may hold interest rates higher for longer following hotter-than-expected inflation data earlier this week. The Dow Jones Industrial Average is down 1.46% at the time of publication, and the markets are headed to close the week firmly in the red.
Palantir received an endorsement from Jim Cramer during the Lightning Round of "Mad Money" on CNBC Thursday.
"Make a move and buy some," Cramer said in reference to Palantir's stock.
Cathie Woods' Ark Invest purchased more than $475,000 of Palantir shares over the past five days, deepening its investment in AI-related technologies.
According to data from Benzinga Pro, Palantir shares are trading slightly below the stock’s 50-day moving average of $23.44 and below its 52-week high of $27.50.
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Predicting the future in stock prices over long periods of time is challenging. Wall Street analysts use complex models that take into account interest rates, economic growth, competitive advantages, management teams and historical profitability, among a host of other factors.
If, as an investor, you want to assume most of the major factors remain stable, you can use trend analysis as a helpful tool. Using a longer term trend line or historical performance of the stock, you can aim to forecast a stock's annual rate of return.
For Palantir Technologies, over the past 5 years, it's annualized stock performance is 19.18%, and if you assume that trend continues for another 5 years, you can expect a stock to trade at $54.20.
Using a trend line (see how to perform this function here), If you choose to use a trend line, connect your two points and look into the future to the point in time in which you're curious. Once you've identified that stock price, you may want to consider what type of conditions would need to exist for the stock to justify the share price – be it an outside influence or managerial decision making.
PLTR Price Action: According to Benzinga Pro, Palantir shares closed down 0.79% at $22.66.
Image: Spyro the Dragon from Shutterstock
Posted In: PLTR
