PLTR Beats Forecasts

Shares in Peter Thiel founded tech company Palantir were seen exploding higher yesterday. PLTR stock gapped open following the release of Q1 earnings after the bell on Monday and pushed on to end the session around 25% highs from Monday’s closing price. Looking at the breakdown of Q1 results, PLTR posted EPS of $0.05, better than the $0.04 the market was looking for, on revenues of $525.186 million, again better than the $505.824 million the market was looking for. Both earnings and revenues were seen rising from the prior quarter and are sharply higher than the same quarter a year earlier.

2023 Profit Guidance Raised

Looking ahead, Palantir raised its full year profit guidance which now sits in the $2.19 - $2.24 billion zone up from $2.18 - $2.23 billion prior. For the current quarter, the firm projects revenues of between $528 - $532 million, a little higher than market expectations. Near-term, the path of US equities around today’s US CPI print will be key for PLTR stock. Shares are trading a little lower pre-market, reflecting uncertainty ahead of the data. If CPI come sin above expectations, tech stocks look vulnerable to a pullback here with PLTR likely to give back some of Tuesday’s gains.

Technical Views

PLTR

Following the breakout above the 9.10 level, the market has stalled into the latest test of the contracting triangle top. While 9.10 holds as support, however, the focus is on a further push higher with 10.29 the key objective for bulls. To the downside, back below 9.10, the triangle lows and 7.30 level will be the key supports to note.