Palantir Stock Is Sinking Today: Is It Time to Buy?
Despite positive momentum for the broader market, Palantir (NYSE: PLTR) stock is losing ground again. The company's share price was down roughly 2.7% as of 1:15 p.m. ET Wednesday, and the pullback coincides with news that the data analytics company is partnering with Jacobs Engineering Group on new software for infrastructure and national security services.
While news of a partnership that could potentially accelerate Palantir's expansion into the infrastructure-software services market doesn't look worrying in and of itself, investors may be disappointed that the company isn't opting to go it alone or proceed on these initiatives with a different partner. The company's stock now trades down roughly 70% from the high that it hit in January 2021.
Palantir has taken a beating as investors have shied away from growth-dependent software companies, and shareholders have been left waiting for positive catalysts capable of driving sustained rebound momentum for the stock. The company's fourth-quarter earnings report arrived last month with sales that topped the market's expectations, but non-GAAP (adjusted) earnings per share of $0.02 fell short of the average analyst target for per-share earnings of $0.04, and the market is becoming more cautious about the business's growth outlook.
Source Fool.com
