PLTR hit a fresh high this morning before falling lower
Palantir Technologies Inc (NYSE:PLTR) stock jumped to another record high this morning before pulling back, down 2.4% at $54.19 at last glance. The stock staged a post-earnings bull gap on Tuesday as demand for artificial intelligence (AI) boosted third-quarter results, and continued to climb last session with an 8.6% pop.
The company today announced a partnership with Amazon.com’s (AMZN) Web Services (AWS) and Anthropic to provide U.S. intelligence and defense with AI versions of AWS. However, a bear note is weighing on the shares, with Jefferies downgrading PLTR to “underperform” from “hold” on valuation concerns.
Palantir stock hit an all-time high of $56.47 before moving lower today. Since the start of the year, the equity is up roughly 215%, and above all short- and long-term moving averages between the 10- and 320-day trendlines.
Today’s short-term dip could’ve already been in the cards. The stock’s 14-day relative strength index (RSI) reading of 83.3 sits firmly in “overbought” territory after its recent outperformance.