Palantir Technologies (NYSE: PLTR) is trading higher Wednesday after Investor’s Business Daily reportedly named the stock a new long trading idea.
Palantir has been trending higher since the company reported better-than-expected financial results last week.
Palantir reported quarterly adjusted earnings of 4 cents per share, which beat the estimate of 3 cents per share. The company reported quarterly revenue of $376 million, which beat the estimate of $353.23 million and represented a 49% increase year over year.
Morgan Stanley and RBC Capital raised price targets on the stock following the company’s financial results.
Cathie Wood, founder, chief investment officer and CEO of Ark Invest, has been aggressively buying shares of Palantir for all of her exchange traded funds over the last week or so.
Ark Invest’s six ETFs held about 36 million shares of Palantir at last check Wednesday.
See Also: Cathie Wood Fires Back At Michael Burry After He Reveals Bet Against ARK Fund
Price Action: Palantir has traded as high as $45 and as low as $8.90 over a 52-week period.
At last check Wednesday, Palantir was up 8.01% at $25.89.
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