Palantir Technologies (PLTR) stock is down more than 50% from its January high. Can next week’s earnings save the Palantir share price from further losses?
Palantir Technologies, the once secretive data mining and artificial intelligence company, now finds itself in the spotlight. Since the company’s Initial Public Offering (IPO) in September 2020, The Palantir share price has been on a rollercoaster ride.
Early in 2021, the company caught the eye of the meme stock investing community. As its popularity on the popular wallstreetsbets Reddit forum increased, The Palantir share price followed suit.
However, since its January $45.00 peak, the stock has been steadily declining and yesterday closed below $20.00 for the first time in 2021.
PLTR Earnings release
Next week sees Palantir release their earnings for the first quarter of 2021 on May 11th. The consensus among wall street analysts is revenue of $323 Million and earnings per share of $0.04.
The Palantir share price is likely to see a lot more downside should the company disappoint.
One of the biggest concerns for investors has been the firms’ inability to grow its client base substantially. In the fourth quarter of 2021, the company added just 7 new customers. Holders of the stock will hope for news of improved customer acquisition in the first three months of this year.
Technical Outlook
The recent decline has pushed the Palantir share price below two important trend lines.
The first of which has been in place from the 5th of March low of $20.18 and the second, more important, in place from the 22nd of October low at $9.22
Should earnings disappoint, there is potential for the market to test the 12th of November low at $15.00.
Bulls will hope to see the Palantir share price climb back above the ascending trendline at $21.20. If this is achieved, the next stop should be the 27th of April high at $24.00
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Palantir Share Price Chart
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