Shares of the data intelligence software company Palantir Technologies Inc PLTR are likely to continue their recent bullish momentum into Thursday’s session.
The stock has been picking up steam since the company announced its first-quarter results on May 8. Prices surged over 23% in a single session after the results were released, hovering around $9.50.
On Wednesday, the stock gained more than 8% thanks to broader market strength and the CEO’s bullish comments on the company’s AI opportunities Alex Karp.
Cathie Woods Ark Invest added to Palantir shares on Wednesday, It also added 1.26 million shares worth about $13 million, according to the company’s daily trading reports.
However, sell-side companies are not optimistic. Analysts’ average target price for Palantir stock based on data compiled by TipRanks is $8.88, which indicates a drop of over 13% from current levels.