Palantir Stock- Palantir Technologies hits resistance and falls to close the week
- NYSE:PLTR fell by 1.18% on Friday, even as the broader markets hit new all-time highs.
- Palantir execs head to court over definition of Class F shares.
- Palantir hints at tackling the renewable energy sector next.
NYSE:PLTR failed to finish the week on a positive note as shares pulled back, despite the S&P 500 and the DOW hitting fresh new all-time highs. On Friday, shares of Palantir fell by 1.18% to close the session at $21.81. Palantir continues to trade tightly within range, although the weekly green candle breaks a streak of three red weekly candles, signalling that the stock could be turning bullish. Also confirming this is a curling MACD indicator that looks to slowly be turning back over to bullish. Finally, Palantir closed the week at only 37% of its daily average trading volume.
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Palantir executives were in the middle of some controversy again on Friday, when the company was in court defending itself from a class action lawsuit. The allegations are that Palantir’s Class F Shares give executives 49.9% say in any decision that is made about the company, which would make them ‘emperors for life’. Palantir executives vehemently shot these remarks down in the Delaware Chancery Court, the same court in which Tesla CEO Elon Musk defended the company’s purchase of SolarCity. Of course, it’s not a great look for Palantir who already battles public perception of being a company that spies on the public given some of its previous government contracts.
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On Friday, Palantir sent out a tweet that had investors abuzz, following the announcement earlier this week about autonomous driving and automaker supply chains. The tweet centered around renewable energies and how Palantir is helping companies deliver cleaner and more affordable energy to its customers. Renewable energies is a global secular trend right now, and Palantir’s involvement could be a massive new source of revenues for its Foundry platform.