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- Palantir Technology has said that they expect 2023 to be their first profitable year
- PLTR stock has seen a breakout and can see the current momentum.It is currently trading near the value of $9.22
Palantir Technologies, Inc. (PLTR) is a data analytics company that provides software solutions for data integration, analysis, and visualization. Founded in 2003 by Peter Thiel, Alex Karp, and other members of the “PayPal Members,” Palantir has grown into a major player in the data analytics industry, serving clients in government, finance, and healthcare.Palantir’s valuation has been a subject of debate among investors. Some argue that the company is overvalued, given its history of losses and the highly competitive nature of the data analytics industry.Recently Palantir has announced that they will be profitable in the year 2023.This has made the stock price rose significantly.The company has also reported its first quarter of positive GAAP income at $31 million.The company has reduced employees stock based compensation and cut back on cloud expenditure.
Palantir has a market cap of $19.7 Billion and has a negative EPS.Various analysts are expecting a strong growth in the near future.
Bulls Of PLTR Stocks Are Ready For Run In 2023
The weekly technical chart of the PLTR suggests a weak upside trend for the future. On the daily chart it has seen a breakout and can soon see a new high in the future .It is trading near the value of $9.22 with a rise of 21% in the intraday session. The upside trend of PLTR can see a halt near the value of $10.5.Meanwhile a bounceback in the price can be seen from $7.5.It is trading above the 50 and 100 Daily Moving Average. There can be a positive crossover which can push the asset price to a new high in the future.
RSI of the PLTR stock is near 67 suggesting its presence in the oversold zone.There is a positive slope which can push the asset price to a new high.
Conclusion
Palantir has said that 2023 will be their profitable year and this has pushed the price to a new high. Various analysts are expecting a strong growth in PLTR stocks in the future.
Technical Levels
Major Support:$8.5
Major Resistance:$10.5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
