Palantir's Stock Broke Bullish, But Can It Hold?
Portfolio Pulse from Melanie Schaffer
Palantir Technologies Inc (NYSE:PLTR) reported strong Q1 2021 earnings, with a 49% revenue increase, beating estimates. The company announced it will accept Bitcoin as payment and is considering cryptocurrency investments. Following the earnings report, Palantir's stock rose over 17%, breaking a bearish trend. The stock is currently in a bullish pattern, with potential to rise further if it maintains momentum.
May 17, 2021 | 4:00 pm
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Palantir's Q1 2021 earnings exceeded expectations with a 49% revenue increase. The stock rose 17% post-earnings, breaking a bearish trend. Palantir is now accepting Bitcoin payments and considering crypto investments, which could further influence its stock price.
Palantir's strong earnings report and revenue growth exceeded expectations, leading to a significant stock price increase. The acceptance of Bitcoin as a payment option and potential cryptocurrency investments add a new dimension to its business model, likely attracting more investors and positively impacting the stock price in the short term.
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