The post How will Palantir stock react to Q3 earnings report appeared on BitcoinEthereumNews.com.

The stock of Palantir Technologies (NYSE: PLTR) remains among market favorites despite recent concerns about overvaluation, and the upcoming earnings report could provide insights into the future movement of the equity. PLTR recently reached a high of over $45 as its impressive 2024 rally continued. The stock has returned 152% year-to-date. As of press time, it was valued at $41.92, holding above the crucial $40 support level. PLTR YTD stock price chart. Source: Google Finance It is worth noting that Palantir’s rapid growth has raised red flags that the company might be pricing in future growth projections. To this end, analysts warn that the stock could plunge if some of these projections fail to materialize. What to expect from Palantir’s earning report Now, through its November 5 earnings report, Palantir can provide investors with future expectations. For the quarter ending September 2024, analysts expect Palantir’s revenue to grow 26.1% year-over-year to $703.7 million. Adjusted earnings are anticipated to reach $0.09 per share. In this regard, market strategist Roy Mattox noted in a November 3 X post that the upcoming earnings report will be crucial.  According to Mattox, PLTR’s implied volatility of 11% suggests a broad trading range, with the stock potentially swinging up to $49 or down to $35, depending on the tone of the earnings call and the company’s forward guidance. Data shared by the strategist indicated that some investors have already taken profits, de-risking with a 35% gain ahead of the report. However, if the earnings call delivers strong results and drives the stock to new highs, there are plans to increase long positions aggressively.  On the other hand, a weaker-than-expected report could lead to further selling, although a positive outcome might set a price target as high as $100 in a subsequent rally. PLTR stock price analysis…

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Filed under: News - @ November 3, 2024 1:19 pm