Why Palantir Stock Is Sliding Premarket Today Despite Solid Q2 Print, Guidance
Portfolio Pulse from Shanthi Rexaline
Palantir Technologies, Inc. (NYSE:PLTR) shares fell in premarket trading despite reporting Q2 earnings and revenue in line with consensus estimates and raising full-year revenue guidance. The company also reported profitability for a third straight quarter. The stock's negative reaction could be due to broader market weakness, failure to outperform in Q2, and slowdown in the growth of the government segment. Wedbush analyst Daniel Ives maintained an Outperform rating and a $25 price target, while DA Davidson nearly doubled its price target from $8.5 to $15.
August 08, 2023 | 11:45 am
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Palantir's stock fell despite solid Q2 results and raised guidance. Factors could include broader market weakness and slowdown in government segment growth.
Despite reporting solid Q2 results and raising its full-year revenue guidance, Palantir's stock fell in premarket trading. This could be due to broader market weakness, the company's failure to outperform in Q2, and a slowdown in the growth of its government segment, which accounts for a significant portion of its total revenue. Additionally, the stock may have been overbought ahead of the earnings release, leading to a 'sell the news' reaction.
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