© Reuters. Should You Buy the Dip in Palantir?
Even though big data analytics company Palantir (PLTR) has made several developments over the past few months, it reported losses in the second quarter and is currently trading significantly 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 engaged in building and deploying software platforms for the intelligence community to assist in counterterrorism investigations and operations. The company has made several developments over the past few months. The National Institutes of Health’s (NIH) National Center for Advancing Translational Sciences (NCATS) awarded a contract to PLTR on October 4th to continue providing a secure cloud-based data enclave to centralize data on COVID-19 for collaborative clinical research. In addition, the company launched Foundry for Builders on July 20.
The stock has gained 157% over the past year. However, it has lost 13% over the past month and 5% over the past three months. It is currently trading 48.4% below its 52-week high of $45, which it hit on January 27, 2021.
Last month, the United Kingdom government announced that it is ending a deal with PLTR, following criticism from privacy groups about the lack of transparency on how the contracts were awarded. Its director Spencer Rascoff sold a total of 100000 shares in September 2021. In addition, hedge funds recently turned less bullish on the stock. So, PLTR’s near-term prospects look bleak. Here’s what could influence PLTR’s performance in the near term:
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.