The page discusses recent developments regarding Palantir Technologies, particularly its impressive second-quarter performance, which saw a 93% year-on-year revenue growth to $1.94 billion, exceeding predictions for earnings per share. Analyst Gil Luria maintains a Buy rating and has increased his price forecast significantly, highlighting Palantir's competitive position in the AI sector. However, the stock shows signs of volatility, currently trading above key moving averages, with an overbought RSI indicating potential for correction. Critical support and resistance levels are identified at $148 and $163.50, respectively.
Nasdaq futures are up 0.47% while S&P 500 futures have gained 0.60%.
Palantir reported second-quarter revenue growth of 93% year-on-year to $1.94 billion and adjusted earnings of 41 cents per share, topping consensus estimates of 30 cents.
Accelerating Demand Surge
DA Davidson analyst Gil Luria reiterated a Buy rating and raised his price forecast from $175 to $200. Revenue beat expectations by approximately $136 million, with U.S. clients contributing 38 of 44 new customers.
Luria wrote, "Palantir has several competitive advantages over all other software companies, which is becoming more pronounced in the era of AI, helping the company provide guidance substantially above expectations."
Bearish Short Positions
Palantir Stock: Key Levels and Momentum Indicators
Palantir is extended versus its major trend gauges, trading 25.6% above the 20-day SMA ($130.12) and 7.1% above the 200-day SMA ($152.54), which tells you the recent run has been fast even by its own standards.
RSI is the cleaner momentum lens right now: at 72.74, it’s in overbought territory.
One nuance: the longer-term moving-average structure still carries some baggage, with the 50-day SMA below the 200-day SMA (the death cross that occurred in February). In other words, the near-term price action is strong, but the longer-term trend repair is still in progress—so traders will likely watch whether dips hold above the 200-day area rather than slicing back through it.
Key Resistance: $163.50 — a nearby pivot area where the current rebound can stall if buyers don’t follow through
Key Support: $148 — a nearby floor to watch on pullbacks, sitting below the 200-day SMA/EMA zone and acting as a "line in the sand" for the recent uptrend
PLTR Price Action: Palantir Technologies shares were up 0.24% at $163.05 at the time of publication on Wednesday, according to Benzinga Pro data.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Palantir Technologies Inc(NASDAQ:PLTR) stock gained in early trading on Wednesday, but turned red in the trading session. The volatile move comes after reporting upbeat second-quarter financial results on Monday.
Conversely, investor Michael Burry stated in a Wednesday Substack post, "I continue to believe it is possible we are near a major top, and possible a 1987-type fall," while holding short positions in Palantir and Tesla Inc(NASDAQ:TSLA).
