What's Going On With Palantir Stock?

Palantir Technologies, Inc. PLTR shares are trading higher Friday, and the stock is up more than 17% over the past month. Here's a look at what's going on. 

What To Know:

Wedbush analyst Daniel Ives recently named Palantir as one of his top tech picks for the remainder of 2024. Ives said that he expects tech stocks, including Palantir, to rise another 15% on top of gains from the first half of the year. 

"A tidal wave of $1 trillion of spending will come to the shores of the tech sector," Ives wrote in the analyst note. 

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Cathie Woods also appears to see blue skies ahead for Palantir as Ark Invest's ARK Autonomous Technology & Robotics ETF ARKQ fund purchased 199,372 shares of Palantir valued at approximately $5.16 million on Monday. 

The stock has gained more than 50% year-to-date as the AI wave continues to grow. According to data from Benzinga Pro, Palantir shares are trading above the stock’s 50-day moving average of $22.82 and just below its 52-week high of $27.50.

Should I Sell My PLTR Stock?

Whether to sell or hold a stock largely depends on an investor's strategy and risk tolerance. Swing traders may sell an outperforming stock to lock in a capital gain, while long-term investors might ride out the turbulence in anticipation of further share price growth.

Similarly, traders willing to minimize losses may sell a stock that falls a certain percentage, while long-term investors may see this as an opportunity to buy more shares at a discounted price.

Shares of Palantir Technologies have gained 76.01% year to date. This compares to the average annual return of 1.56%, meaning the stock has outperformed its historical averages. Investors can compare a stock's movement to its historical performance to gauge whether this is a normal movement or a potential trading opportunity.

Investors may also consider market dynamics. The Relative Strength Index can be used to indicate whether a stock is overbought or oversold. Palantir Technologies stock currently has an RSI of 84.14, indicating overbought conditions.

For analysis tools, charting data and access to exclusive stock news, check out Benzinga PRO. Try it for free.

PLTR Price Action: According to Benzinga Pro, Palantir Technologies shares are up 4.7% at $27.07 at the time of publication Friday.

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