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Palantir Stock Drops Over 7% Following Multi-Month Rally

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PLTR$186.03 −7.22%

Palantir Technologies Inc. (PLTR) stock fell over 7% on Friday, pulling back after a multi-month rally brought shares close to all-time highs. The stock dropped despite recent bullish comments from commentator Jim Cramer reiterating a $250 price target and referencing a Goldman Sachs Buy upgrade.

The decline follows report details showing Palantir has expanded its lobbying roster after a sharp rise in federal contracts over the past two years. The company was also named on a list of potential targets for congressional investigation compiled by Groundwork Collaborative.

Despite the pullback, the long-term trend remains intact, with shares remaining well above the 100-day and 200-day moving averages. Near-term traders are watching key resistance around $188.50 and support near $164.50.

Key points

  • Palantir Technologies Inc. (PLTR) shares fell over 7% on Friday after a long rally.
  • Goldman Sachs recently upgraded the stock to a Buy rating, praising its business model.
  • The firm expanded lobbying efforts following a sharp rise in federal contracts over two years.
  • Palantir was listed among potential targets for upcoming congressional investigations.
  • Shares remain above their 100-day and 200-day moving averages in a long-term uptrend.

Written by our AI from expert market sources across the web. It can contain mistakes: check the facts before acting on them. Write-ups powered by the free AI API at FreeTheAI.org

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Questions and answers

Why did Palantir stock fall on Friday?

Palantir stock fell over 7% in a pullback after a multi-month rally near all-time highs, while facing potential congressional scrutiny over federal contracts.

What is the current technical outlook for Palantir?

Palantir remains in a long-term uptrend above its 100-day and 200-day moving averages, with key resistance near $188.50 and support near $164.50.

What analyst upgrades has Palantir received recently?

Goldman Sachs recently upgraded Palantir to a Buy rating, citing the company's unique approach with forward-deployed engineers.