Palantir Technologies Inc (NASDAQ:PLTR) stock fell on Thursday, primarily due to short-term profit-taking following a multi-day rally. The movement extended falling momentum from Wednesday. The stock turned red on Wednesday despite gaining in early trading following Monday’s financial report. Nasdaq futures down 0.79% while S&P 500 futures have gained 0.03%.

Second-Quarter Earnings Beat

For the second quarter, Palantir reported year-on-year revenue growth of 93% to $1.94 billion, beating expectations by approximately $136 million. Adjusted earnings reached 41 cents per share, topping consensus estimates of 30 cents. U.S. clients accounted for 38 of 44 new customers.

DA Davidson analyst Gil Luria reiterated a Buy rating and raised his price forecast from $175 to $200. Luria wrote, “Palantir has several competitive advantages over all other software companies, which is becoming more pronounced in the era of AI, helping the company provide guidance substantially above expectations.”

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Bearish Short Positions

Conversely, investor Michael Burry stated in a Wednesday Substack post, “I continue to believe it is possible we are near a major top, and possible a 1987-type fall,” while maintaining short positions in Palantir and Tesla Inc (NASDAQ:TSLA).

Palantir Stock: Key Levels and Momentum Indicators

Even with the premarket pullback, Palantir is still trading 17.7% above its 20-day SMA ($131.43) and 17.7% above its 50-day SMA ($131.42), which tells you the intermediate trend has been strong. At the same time, it’s only 1.5% above the 200-day SMA ($152.44), keeping the stock close to a key "line in the sand" that many longer-term traders watch.

Momentum is leaning constructive: MACD is above its signal line and the histogram is positive, which points to improving upside pressure versus the prior downswing.

The moving-average structure is mixed, and that’s the main longer-term tension to watch. The 20-day SMA is above the 50-day SMA (bullish), but the 50-day SMA remains below the 200-day SMA after the death cross in February, which is a reminder that the bigger-picture trend only recently started trying to repair.

  • Key Resistance: $162 — a nearby round-number area where rebounds can stall if buyers don’t follow through
  • Key Support: $148 — a nearby pivot zone that sits just below the 200-day SMA area, making it an important spot for dip-buyers to defend

PLTR Stock Price Activity: Palantir Technologies shares were trading at $153.75 at the time of publication on Thursday, according to Benzinga Pro data.

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