Palantir Stock Price (PLTR) Falling Due to Rating and Layoffs

Palantir stock price lost 2.37% during the intraday session and about 13% in the past 7 days. Palantir Technologies Inc. (NYSE: PLTR) is a holding company. It operates in development of data integration and software solutions, which is sourced through commercial and government segments. The company recently announced to slice less than 2% of its workforce as a part of latest tech layoffs.

Sharply falling Palantir stock prices will require a turnaround plan. The job cuts are strategically planned. The company is supposed to be at an inflection point and may need a work force to accomplish its set objectives. The company may set out expansionary goals in the coming future as a part of the disaster management.

Palantir products proved their worth on the frontlines in the Ukraine war. Through its products, Ukrainian armed forces can make decisions. They can also perform operations from remote locations in conjunction with Palantir’s software platforms.

Palantir products received IL6 certification. The company’s federal cloud services which operate to offer cloud services got this certification from the DISA. This certification will allow Palantir to secure more government contracts and commercial projects.

On the other side of the lake, Bank of America revised the company’s ratings after it published its 10K annual filing. The Buy rating was reiterated post publication. The company is also dealing with several shareholder class action suits filed in the timeframe of September 2022- January 2023. The lawsuit accuses Palantir of painting a blissful image of the revenue growths, to cover the facade of slowing growth.

Palantir Stock Price Action

Palantir stock price fell sharply after the rise due to the revenue report. The volume showed investors switching to sell off, motivated due to falling prices. The prices look for support near $7.50 and if the testing is successful, it may rise back to primary resistance near $9.00.

The MACD forms a negative cross over and records seller bars in the zone below the zero-histogram mark. The RSI falls to the region below the half line to display sellers gaining dominance. The indicators show the seller influenced price action and testing of primary supports.

Conclusion

Palantir stock price forms a bearish outlook in the price action. The downtrend seeks for remedy to establish a high run. The various plans laid out are in execution, but can come out as a hit and trial process. The holder of PLTR stock must watch for the support near $7.50.

Technical levels

Support levels: $7.50 and $7.00

Resistance levels: $9.00 and $10.15

Disclaimer

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