Shares in Palantir Technologies popped Monday, briefly reclaiming the 50-day moving average for PLTR stock. Fourth quarter earnings for Palantir stock are due Feb. 5.
On the stock market today, Palantir stock rose 4.9% to close at 17.60 after hitting an intraday high of 18.35. Its 50-day moving average sits at 18.09.
Meanwhile, the Wall Street Journal on Monday published an article on Palantir noting slowing government sales.
The 50-day line is a key support level for investors to watch. A Morgan Stanley analyst last week cautioned investors on the 2024 outlook for PLTR stock.
Palantir Stock: 2024 Guidance Key
"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," said Morgan Stanley analyst Sanjit Singh in a report.
PLTR stock bulls point to artificial intelligence software in the commercial market as a growth driver. Palantir has already mined the AI opportunity with government customers for intelligence gathering, counterterrorism and military purposes.
With Monday's gain, PLTR stock is up 4% in 2024. As of the market close on Friday, Palantir's Relative Strength Rating stood at 95 out of a best-possible 99.
PLTR Stock: Technical Ratings
Also, PLTR stock holds a Composite Rating of 96 out of a best-possible 99, according to IBD Stock Checkup.
IBD's Composite Rating combines five separate proprietary ratings into one easy-to-use rating. The best growth stocks have a Composite Rating of 90 or better.
PLTR stock holds an Accumulation/Distribution Rating of C-plus. That rating analyzes price and volume changes in a stock over the past 13 weeks of trading. A+ signifies heavy institutional buying; E means heavy selling. Think of a C grade as neutral.
Also, Palantir stock advanced 167% in 2023. The Nasdaq composite climbed 43% while the S&P 500 rose 24%.
PLTR stock hit a new 52-week high on Nov. 21.
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