Search

'No longer a stock but a full casino': Palantir will lose one-third of its value by year-end after surgin.. - Business Insider

siantarkalo.blogspot.com
Palantir
  • Citron Research initiated a short position on Palantir shares on Friday, saying the stock's 300% leap since its direct listing on September 30 is unsustainable.
  • The short-selling firm said it expected Palantir to tumble roughly 33%, to $20, by the end of the year.
  • "As traders looking for short exposure, $PLTR is no longer a stock but a full casino," Citron said in a tweet.
  • The news led Palantir to reverse strong early gains and slide as much as 10%.
  • Watch Palantir trade live here.

Palantir will sink roughly 33% as reality catches up with its massive rally, Citron Research said Friday.

In a tweet, the short-selling firm established a year-end price target of $20 for Palantir shares. The data-mining company's shares are up more than 300% since a direct listing on September 30. Citron's target is still double Palantir's debut price, but Citron said Palantir's rally is unsustainable.

"What a run the past month for all. But as traders looking for short exposure, $PLTR is no longer a stock but a full casino," Citron said.

Read more: Goldman Sachs says to buy these 26 stocks poised to deliver the strongest earnings growth in 2021 as the S&P 500 surges another 20%

The news dragged Palantir shares out of a strong morning rally into a 10% loss at intraday lows. The stock then pared losses through the shortened session to trade roughly 4% lower into the close.

The stock enjoyed strong momentum through November after President-elect Joe Biden emerged as the winner of the 2020 election. Biden's victory prompted speculation that the new administration would cut military spending. The Defense Department is already one of Palantir's biggest customers, and budget cuts could drive more business to the company's lower-priced software from traditional providers.

Palantir traded at $30.69 as of 11 a.m. ET. The company has two "buy" ratings and three "hold" ratings from analysts.

Now read more markets coverage from Markets Insider and Business Insider:

Morgan Stanley's Mike Wilson called the last 2 market sell-offs. He told us the 3 indicators he used to make his predictions — and detailed how he keeps his cool in downturns when others are making doomsday forecasts.

US stocks climb as investors weigh political clarity against virus risks

Bitcoin tumbles another 6%, extending biggest slide since COVID-19 struck

PLTR

Let's block ads! (Why?)



"Short" - Google News
November 28, 2020 at 02:15AM
https://ift.tt/2HJ2uCV

'No longer a stock but a full casino': Palantir will lose one-third of its value by year-end after surgin.. - Business Insider
"Short" - Google News
https://ift.tt/2QJPxcA


Bagikan Berita Ini

0 Response to "'No longer a stock but a full casino': Palantir will lose one-third of its value by year-end after surgin.. - Business Insider"

Post a Comment

Powered by Blogger.