Palantir’s stock price dropped by more than 4% on Monday but recovered later in the session. The company will join the Nasdaq 100 index before the market opens on December 23. Analysts are citing holiday profit-taking as a reason for the decline, despite Palantir’s strong performance this year.
Palantir has seen its stock price soar by over 300% so far this year, driven by its position in the defense market and AI technology. The company’s Relative Strength Rating is at 99, indicating it’s trading above its moving averages. Analysts Anshel Sag and William Power have expressed caution about the stock’s high valuation and the risk of a pullback.
While Palantir’s outlook remains positive, the stock is now over 160% above its buy point, according to market analysis. Shares are also 104% above their 200-day moving average, a level that can signal consolidation. As Palantir prepares to join the Nasdaq 100 index, investors will be watching for further movement in its stock price.
Source: https://www.investors.com/news/technology/palantir-stock-pltr-nasdaq-100-ai