Growing short interest and resistance at $43 for Palantir stock, with uncertainty ahead of earnings.

From Nasdaq: 2024-10-23 08:30:00

Palantir Technologies Inc. (NYSE: PLTR) stock is facing resistance around $43 after a 3.7% drop. Short interest has increased by 45% in the last 30 days, indicating growing bearish sentiment towards the overvalued stock compared to other tech stocks.

Palantir stands out with its AI platform and unique go-to-market strategy through Bootcamps, attracting new customers. The company’s upcoming earnings report will be crucial, with analysts split over its ability to sustain revenue growth to justify its high valuation of a forward P/E ratio of over 224x.

Despite a 4.8% short interest in Palantir stock, recent 45% increase could limit significant growth. Shareholders should brace for fluctuating prices until a bullish earnings report could alter the trajectory. Consider put options for a longer play on PLTR stock if short selling is uncomfortable.



Read more at Nasdaq:: Short Sellers Eye Palantir: Should You Buy the Dip?