Shares in Palantir Technologies (PLTR) Reclaim 50-Day Moving Average
Shares in Palantir Technologies (PLTR) made a strong comeback on Monday, surging by 9.3% to reach $18.34. This upward momentum allowed PLTR stock to reclaim the 50-day moving average, which is a key support level for investors.
The surge in Palantir’s stock comes ahead of the company’s fourth quarter earnings, which are scheduled to be announced on February 5th. Investors will be paying close attention to these earnings as they could provide insights into the company’s future growth prospects.
Morgan Stanley Analyst Cautions Investors on PLTR Stock’s 2024 Outlook
Last week, a Morgan Stanley analyst warned investors about Palantir’s outlook for 2024. The analyst, Sanjit Singh, highlighted concerns about the company’s sluggish international commercial business and its now-mature government business.
Singh’s report stated, “While we think the U.S. commercial business is showing momentum, a sluggish international commercial business coupled with a now-mature government business may make it difficult for the company to meet consensus expectations, which call for growth to accelerate in 2024 to 19% from 16.5% in 2023.”
Investors are eagerly awaiting Palantir’s 2024 guidance to determine if the company can meet these growth expectations.
PLTR Stock Bulls See Growth Potential in Artificial Intelligence Software
Despite the concerns raised by the Morgan Stanley analyst, PLTR stock bulls remain optimistic about the company’s future. They point to Palantir’s artificial intelligence software in the commercial market as a potential growth driver.
Palantir has already been successful in leveraging AI technology with its government customers for intelligence gathering, counterterrorism, and military purposes. If the company can replicate this success in the commercial market, it could lead to significant growth opportunities.
Technical Ratings Show Positive Signs for PLTR Stock
In terms of technical ratings, PLTR stock has been performing well. It currently holds a Relative Strength Rating of 95 out of a best-possible 99, indicating strong performance compared to other stocks. Additionally, its Composite Rating is 96 out of 99, highlighting its overall strength in key proprietary ratings.
Palantir’s stock also saw significant growth in 2023, with a 167% increase. This outperformed both the Nasdaq composite and the S&P 500, which rose by 43% and 24%, respectively. These positive performance indicators bode well for the future of PLTR stock.
Conclusion
Shares in Palantir Technologies regained their footing on Monday, surging over 9% and reclaiming the 50-day moving average. While concerns about the company’s international and government business exist, investors remain optimistic about the growth potential in Palantir’s artificial intelligence software. With strong technical ratings and impressive performance in 2023, PLTR stock continues to attract attention from investors and analysts alike.
Analyst comment
Positive news. Analyst’s view: Palantir’s stock made a strong comeback, reclaiming the 50-day moving average. Despite concerns about international and government business, the company’s AI software offers growth potential. Strong technical ratings and impressive performance in 2023 indicate positive prospects for PLTR stock.
