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Palantir Technologies (PLTR) Stock Pushes Higher After Earnings

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DiscoverGold Member Level  Tuesday, 05/11/21 11:23:09 AM
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Palantir Technologies (PLTR) Stock Pushes Higher After Earnings
By: Schaeffer's Investment Research | May 11, 2021

• The data analytics company is brushing off a wary second-quarter forecast

• The stock has been seeing pressure from its 50-day moving average

The shares of Palantir Technologies Inc (NYSE:PLTR) are up 6.4% to trade at $19.66 at last check, so far defying the broad-market selloff. This comes after the data analytics company reported first-quarter earnings of 4 cents per share -- in line with analyst estimates -- as well as better-than-expected revenue. However, keeping gains in check today is the company's second-quarter forecast, which depicted slow revenue growth. Meanwhile, the software platform has begun to accept bitcoin payments from customers, and is considering investing in the crypto giant.

It's been a volatile morning for PLTR, which at first traded deep in the red before the open before pivoting higher at the bell. Longer term, Palantir stock has been steadily moving lower on the charts since hitting a record high of $45 on Jan 27. During this channel of lower highs, the shares' with 50-day moving average keeping a lid on any breakouts. Context is required though: PLTR is still almost double at its initial public offering (IPO) price of $10 from Sept. 30.

On the analyst front, there is plenty of room for bull notes that could send the security higher. Of the four analysts in coverage, three carry a "hold" or worse rating.

Options traders have been quick on the draw this morning, with total options volume running at triple what's typically seen at this point. More specifically, 212,000 calls and 106,000 puts have crossed the tape already, with the weekly 5/14 20-strike call seeing the most activity. New positions are also being opened at the 19-strike call in the same session.

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