Why Palantir Stock Looks Set To Extend Gains Today

Shares of data intelligence software firm Palantir Technologies Inc PLTR are likely to carry forward their recent upward momentum into Thursday's session.

In premarket trading on Thursday, Palantir shares rose 1.37% to $10.39, according to Benzinga Pro data.

The stock began picking up momentum ever since the company reported its first-quarter results on May 8. Prices jumped over 23% in a single session after the earnings print and were hovering around $9.50.

On Wednesday, the stock gained more than 8%, thanks to the broader market strength and optimistic comments on the company's AI opportunity by CEO Alex Karp.

Cathie Wood's Ark Invest on Wednesday bulked up on Palantir shares, adding 1.26 million shares valued at about $13 million, daily trade disclosure from the firm showed.

Sell-side firms, however, aren’t upbeat. The average analysts’ price target for Palantir stock, based on data compiled by TipRanks, is $8.88, suggesting over 13% downside from current levels.

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