After announcing Q2 earnings that beat the estimates on August 5, Palantir (NYSE: PLTR) followed up with several lucrative deals with Microsoft (NASDAQ: MSFT) and Wendy’s (NASDAQ: WEN) aimed at diversifying its income streams.
Palantir stock reacted positively, adding 10% after the earnings announcement and 14% after the newly signed deals were announced.
The most recent trading session on August 12 saw the Palantir stock price decrease to $29.38, with pre-market gains of 1.12% aiding in recovery before the August 13 opening.
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Before the announcement of the Q2 earnings report, Palantir shares experienced significant insider trading activity in the previous month, making investors wonder about the future performance of PLTR stock.
Key Palantir stock price levels to watch
Just before markets open on August 13, Palantir stock is ready to test its closest resistance zone, set at $29.87. The previous resistance zone, at $29.22, is now acting as support for PLTR stock’s effort to surpass the physical threshold of $30.
A sustained close above the nearest resistance zone might prompt a further bullish reaction in PLTR’s quest to reclaim its all-time high of $35.18 on January 21, 2021.
The rising Relative Strength Index (RSI) indicator in the previous trading session has led to a reading of 55 at the latest close, meaning that investors have been actively buying PLTR shares over the same period, further supporting its price increase.
Insiders have been selling PLTR stock recently
Looking at the insider trading data for Palantir, the most recent period reveals that insiders have been solely selling PLTR shares, with the previous month witnessing five instances of insider sales.
Of these, the most notable has been from David Glazer, CFO, who, on July 18, offloaded a combined 180,000 PLTR shares in two trades for a profit of $3,067,542.
Since 2024 started, Palantir insiders have sold Palantir stock on 32 different occasions, selling more than 23.4 million PLTR shares and prompting questions about their confidence in this artificial intelligence (AI) company.
The upcoming trading sessions are also worth keeping an eye on, as insiders might be looking to sell amid the heightened PLTR stock prices, which could be a negative downward pressure on its price.
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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
