Bears Stay Highly Skeptical on Palantir
Palantir Technologies erased 7% gains after a recent pushback from $90M data news relating to the U.S. Army’s work to modernize the way it handles data and analytics, a contract by the U.S. Army to provide analytics for the service's Capability Drop 2 program. Big data analytics company Palantir is expanding its health- and defense-related work with its first major contract with the Department of Veterans Affairs. Palantir software Gotham Platform will be implemented to support Army Intelligence users worldwide with a globally federated Intelligence data fabric and analytics platform spanning multiple security classifications.
#Palantir looks forward to the next phase of @USArmy’s Capability-Drop 2 (CD-2) IDIQ and continued partnership with PEO IEW&S and the Army’s Intelligence Community on modernization efforts.— Palantir (@PalantirTech) October 5, 2021
Read more: https://t.co/s2WmDWSHt9 pic.twitter.com/7k2qxVNZWf
The deal will let the VA new tools integrate data from across its health and benefits systems into its Common Operating Platform (COP), a move Palantir claims will give leaders deeper insights into the services the department offers veterans. The value of the deal is $90 million over four years, according to Palantir officials who say the company say this contract marks the first full award the company has received.
No one wants to hear "stop paying so much" for Palantir but that's my job...— Jim Cramer (@jimcramer) October 6, 2021
Palantir's contracting offices span across the Office of Enterprise Integration, Veterans Health Administration and Office of Information Technology.
For years, enterprises have deployed Foundry to solve their toughest challenges. Now, Foundry for Builders is putting the power of #Palantir in the hands of early and growth-stage companies — so the work of building tomorrow can begin today.— Palantir (@PalantirTech) October 6, 2021
Learn more: https://t.co/D5IdJGrZze pic.twitter.com/NbJOrPmgTt
Palantir is trading below the eight-day and 21-day exponential moving averages, with bearish indicators. On Sept. 29, Palantir lost support of the 200-day simple moving average, which indicates overall sentiment in the stock is now ultra bearish.
Bears want to see Palantir break down from both the rising channel and the ascending trendline on big bearish volume. If the stock can’t hold the trendlines as support, it could fall toward $21.04 and below the level there is further support at $17.06, according to Yahoo stock analysis.
This is extremely bad. Palantir is corrupt. https://t.co/Dc8b5c5Yrm— Brooke Binkowski (@brooklynmarie) October 6, 2021