Why Palantir Stock Is Falling Again Today
A day after shares of Palantir Technologies (NYSE: PLTR) plunged due to a disappointing quarter, analysts aren't giving investors much reason to get excited. Shares of Palantir are down another 6% on Tuesday as Wall Street adjusts expectations for the remainder of the year.
On Monday, data analytics company Palantir reported revenue up 26% but its loss of $0.09 per share in the quarter was worse than analysts had expected. The company also forecast third-quarter and full-year revenue in a range that fell below the consensus estimate.
A day later, Wall Street analysts are reacting. Palantir was downgraded to a sell from a hold at Deutsche Bank, with analyst Brad Zelnick saying the second-quarter report leaves "little to hang our hat on." Zelnick, who lowered his price target to $8 from $11, said that Palantir's revenue seems to be decelerating at the same time the company is "aggressively" spending, elevating its risk profile.
Source Fool.com
