Palantir Technologies Inc (NYSE:PLTR) shares are trading higher Thursday, bouncing back after trending lower for most of the week. Repeated buying from Cathie Wood may be helping boost the stock Thursday.
What Happened: On Monday, Palantir reported second-quarter financial results that were in line with analyst estimates. The company also issued strong guidance and announced a $1 billion buyback. With the stock up more than 140% year-to-date, investors went into the report with elevated expectations, which could help explain the pullback.
Following the print, Ark Invest's Wood began buying shares. On Tuesday, Wood bought 818,373 shares across three Ark funds. On Wednesday, she bought another 122,724 shares, bringing total purchases for the week above 941,000 shares.
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Palantir also appears to be getting a boost from overall market strength Thursday. Core CPI came in cooler than expected, which has lowered Fed rate hike expectations.
What Else Happened: Palantir announced a multi-year partnership with Azule Energy on Wednesday. Palantir said it will use its Foundry platform to help the company manage its current 200,000 barrels of daily oil production and support growth.
Several analysts also adjusted price targets on the stock this week.
- Raymond James analyst Brian Gesuale maintained Palantir with an Outperform and raised the price target from $18 to $22.
- Wedbush analyst Daniel Ives reiterated Palantir with an Outperform and maintained a $25 price target.
- Mizuho analyst Matthew Broome maintained Palantir with a Neutral and raised the price target from $14 to $16.
- Citigroup analyst Tyler Radke maintained Palantir with a Sell and raised the price target from $6 to $10.
- DA Davidson analyst Gil Luria maintained Palantir with a Neutral and raised the price target from $8.50 to $15.
PLTR Price Action: Palantir shares were up 4.03% at $15.87 at the time of publication, according to Benzinga Pro.
Photo: Cory Doctorow from Flickr.