Palantir Technologies (NYSE:PLTR) Stock Rebounds a Bit After The Recent Fall

Big data analytics firm Palantir Technologies (NYSE:PLTR) reported its financial results for the fiscal third quarter earlier on this week on Tuesday and the numbers did not quite hit the mark for investors.

Market Stats

On Thursday, PLTR stock moved up 2.10% at $22.99 with more than 42.94 million shares, compared to its average volume of 50.22 million shares. The stock has moved within a range of $22.67 – 23.13  after opening the trade at $23.04.

Earnings Recap

Hence, it was perhaps not a surprise that the stock dived sharply and recorded losses of 15% on Tuesday. On Thursday, the stock managed to make a bit of a recovery and ended the day with gains of as much as 2%. In this situation, it could be a sound move for investors to perhaps take a look at the numbers posted by Palantir.

While the numbers reported by the company were among the best that had been reported in this quarter by IT companies involved in the defense sector, it is also true that there was not much else to look into in terms of future growth.

It managed to bring revenues of $392 million for the quarter and the earnings per share stood at $0.04 per share. The earnings projections were matched whiled the revenues beat estimates by as much as $7 million. However, the results also showed that the company is going to remains a defense IT company for the foreseeable future and that may have been reason behind the selloff.

Traders Corner

PLTR stock is trading below the 20-Day and 50-Day Moving averages of $24.96 and $25.45 respectively. Moreover, the stock is trading below the 200-Day moving average of $24.61. The stock is up 3% in the past 3-month.