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Palantir (PLTR) stock rose above $20.24 – the high from August 1 – on Friday as the artificial intelligence (AI) company attempts to finish off its third straight week of gains. This is the highest level that PLTR stock has traded at since November 2021. 

The broad market opened slightly lower as the market digests Thursday’s pullback and consolidates within the significant gains achieved on Tuesday and Wednesday. All three indices – the S&P 500, the Dow Jones, and the Nasdaq Composite – are down less than 0.1% at the time of writing.

Palantir stock news

Much of the news surrounding Palantir at the moment stems from hedge funds and family offices filing their 13Fs for the third quarter with the Securities & Exchange Commission (SEC) this week. PLTR stock is a common holding of many of them.

Most notably, Palantir co-founder Peter Thiel’s Mithril venture capital fund sold $48 million worth of Palantir stock in the third quarter, which ended in September. The shares were acquired about a decade ago.

Coatue Management, run by Philippe Laffont, purchased a new position in Palantir. The hedge fund bought just under 894,000 shares of the AI platform company. This is more notable since Coatue trimmed stakes in nearly all of the Magnificent 7 stocks except Meta Platforms (META).

On Monday, Wedbush Securities analyst Dan Ives chose Palantir stock as one of his top picks for 2024 as he predicted that AI and cloud spending will rise more than 20% next year. 

"We believe the new tech bull market has now begun and tech stocks are set up for a strong 2024 as the AI spending tidal wave hits the shores of the broader tech sector."

Ives has reiterated his $25 price target on Palantir stock several times since July, but the analyst has chosen Apple (AAPL) stock as his top pick heading into the new year.

Palantir stock forecast

Palantir has just barely marked a new two-year high on Friday. The stock has risen as high as $20.34 at the time of writing, 10 cents above the August 1 high of $20.24 and its highest value in two years.

There is no telling how far Palantir stock could rise in the present rally. The 161.8% Fibonacci Extension (not pictured) provides a reading of $22.18 though. The 9-day Simple Moving Average (SMA) is strongly leading its 21-day SMA counterpart, as would be expected in a rally of this type.

Support rests nearby at $18, a level that has been used as both resistance and support since the summer. 

(Click on image to enlarge)

PLTR daily chart

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