What's Going On With Palantir Stock?

Palantir Technologies Inc PLTR shares are trading lower Tuesday. The company announced a pair of new partnerships this week, but the stock has faced selling pressure in recent sessions. Here’s a look at what’s going on.

What To Know: On Monday, Palantir announced a new partnership with the Ministry of Economy of Ukraine. The agreement will set the stage for the roll-out of a digitally led demining approach backed by Palantir’s AI-enabled software and help the Ukrainian government bring 80% of potentially contaminated land into use within 10 years.

“Whether helping brave Ukrainian forces resist Putin’s aggression, supporting the resettlement of their loved ones, or aiding the country’s critical demining programme, Palantir stands shoulder to shoulder with Ukraine and its people. Today’s agreement will help to save lives and deliver a stronger economy,” said Louis Mosley, executive vice president for UK and Europe at Palantir.

On Tuesday, Palantir announced that Red 6 will integrate with the company’s recently announced mixed reality platform ontology software development kit. The agreement will allow Red 6 to utilize Palantir’s platform in conjunction with its augmented reality (AR) technology.

Red 6’s AR technology is already being integrated into the T-7 with Boeing, the T-50 with Lockheed Martin and the Hawk T-2 with BAE Systems.

“The combination of Palantir’s transformative data platform, coupled with Red 6’s industry-leading augmented reality will transform decision making, shorten the kill chain, and make an enormous contribution to the mission command vision of the Department of Defense’s Joint All-Domain Command and Control (JADC2),” said Daniel Robinson, founder and CEO of Red 6. 

As previously reported by Benzinga, it’s possible that Palantir shares have underperformed in recent trading sessions after the company was not included in the latest quarterly rebalance of the S&P 500.

S&P Dow Jones Indices announced last week that Super Micro and Deckers Outdoor would replace Whirlpool and Zions Bancorp in the S&P 500 respectively. The changes are set to go into effect prior to the open of trading on March 18.

Related Link: Palantir Dips, Super Micro Soars: Why These AI-Levered Stocks Are Diverging Premarket Today

Is PLTR A Good Stock To Buy?

Wall Street analysts view Palantir on the whole as a Neutral, given the history of coverage over the past three months. Tyler Radke from Citigroup in Palantir is the most optimistic, expecting a 100% rise in the stock in the coming year.

But looking at how the market as a whole thinks of the stock, you can reference historical price action for views on whether investors feel strongly about the stock one way or another. In the past three months, Palantir rose 36.67%, which indicates that opinion improved on the business and how attractive it is to own based on either its stock price, or underlying fundamentals, like revenue, which rose 19.61% over the past year.

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PLTR Price Action: Palantir shares were down 1.87% at $23.58 at the time of publication, according to Benzinga Pro.

Photo: Cory Doctorow from Flickr.