Intelligence software platforms provider Palantir Technologies’ (NYSE:PLTR) stock continues to trade on elevated volumes.
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The company was recently picked to set up its foundry operating system for the servicing and rebuilding operations of WesTrac in Australia. The expanded partnership between the two companies will help improve workshop performance and work order efficiency at WesTrac.
On the other hand, the recent bankruptcy of advanced manufacturing solutions provider Fast Radius is weighing on investor sentiment. PLTR had provided PIPE funding to Fast and revenue contribution from Fast to PLTR could now dry up.
Further, risk also remains that PLTR’s other investments could also take a hit in the current macro environment.
Palantir shares have tanked ~58.3% so far this year and Wall Street has a Hold consensus rating on the stock based on two Buys, four Holds, and four Sells.
While the average price target of $9.13 implies a nearly 18% potential upside in the stock, William Blair’s Kamil Mielczarek has reiterated a Sell rating on PLTR.
The analyst noted that after Fast Radius, PLTR’s other bets potentially also going sour could put downside pressure on the stock.
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