PLTR Stock Forecast: Palantir Technologies continues bullish turn to start the week

• NYSE:PLTR gained 1.89% on Monday amidst a mixed day for the broader markets.
• Another hedge fund exits its position in Palantir, while another adds a massive stake.
• Palantir sees a bullish break as its relative strength rises after positive earnings.

NYSE:PLTR investors were relieved to see the highly divisive stock finally add gains for the second straight trading session on Monday, following nearly three weeks of losses. Shares rose by 1.89% to open the week, and ended Monday’s trading day at $20.46. Palantir is still trading below both its 50-day and 200-day moving averages, which illustrated just how much the popular retail stock has been beaten down by the recent growth company correction. Retail investors have remained loyal to Palantir throughout the slide, backed by Ark Invest’s Cathie Wood who now owns over 20 million shares of the company across its various Ark ETFs.

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Wood isn’t the only fund manager that has been linked to Palantir lately. After noted investor George Soros officially closed out his position in Palantir last week, Third Point’s billionaire manager Daniel Loeb also exited his position, opting to start positions in high growth companies like Paysafe (NYSE:PSFE) and Costar (NASDAQ:CSGP). While these may seem like bearish signs for how institutional investors view Palantir, hedge fund legend Stanley Druckenmiller initiated a position of 6 million shares or nearly $140 million.

PLTR price prediction

Palantir’s chart exhibited a noticeable bullish break upwards after its recent quarterly earnings call. On Monday, the relative strength rating of the stock improved from 65 to 74, which shows that despite its previous downward trend, Palantir has exhibited some resiliency compared to other growth companies. Investors will be eyeing this rise in the stock to see if Palantir can continue to find support as it climbs back towards its 50-day moving average.