PLTR News: Palantir Technologies climbs higher amidst broader market rally into the weekend

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  • NYSE:PLTR added 0.91% to close the week higher alongside the broader markets.
  • Palantir CEO Alex Karp dumps another chunk of PLTR shares this week.
  • The bulls seem to be in control as options flow shows a major emphasis on call contracts.

NYSE:PLTR capped off a volatile week with a two-day win streak heading into the weekend. Shares of Palantir gained 0.91% on Friday to close the trading session at $23.29, as the broader markets rallied off of the 10-year treasury bond yields finding their footing. The S&P 500 hit a fresh new all-time high once again as the major indices continue to climb higher week after week. Palantir itself saw a downward trend reverse on Thursday, as the controversial stock found support after a steep sell-off on Wednesday. 

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Investors always like to make note of what insiders and executives are doing with their shares as a way of forecasting what is in store for the future of the company. Palantir CEO Alex Karp notably sold over 638,000 shares on Tuesday, July 6th, for a total of nearly $16 million. Is that indicative of anything? It’s important to note that insiders buying shares is generally more of a sign of things to come than when they sell shares. As most of his capital and net worth are most likely tied to his shares of Palantir, Karp was most likely just releasing some funds to use elsewhere.

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The two-day turnaround in Palantir has all but confirmed that the market remains bullish on the data analytics giant. If investors needed further proof, the options flow heading into the weekend was extremely bullish with call contracts vastly outnumbering put contracts which is generally a sign that the markets believe shares will continue to rise into the future.