Palantir Technologies Inc (NYSE:PLTR) shares climbed 10% over the last week as the stock continues to make new 52-week highs.
What To Know: Palantir shares traded below the $21 level near the start of the month as broader markets sold off, but the stock began moving higher after the company reported better-than-expected financial results for the second quarter and raised guidance.
Palantir’s total revenue was up 27% year-over-year, driven by a 55% year-over-year increase in U.S. commercial revenue. The company’s customer count grew 41% year-over-year and 7% on a quarter-over-quarter basis.
The momentum continued in the days following the print as several analysts lifted price targets on the AI data stock. Palantir shares then hit new 52-week highs on the back of multiple new deals, which kept the momentum rolling.
Palantir recently announced a partnership with Wendy’s Quality Supply Chain Co-op (QSCC) to accelerate digital transformation, AI adoption and operational decision making.
Palantir also announced an advancement of its partnership with Microsoft Corp (NASDAQ:MSFT) that will allow the two companies to bring some of the most sophisticated and secure cloud, AI and analytics capabilities to the U.S. Defense and Intelligence Community.
Palantir and Microsoft will offer an integrated suite of technology, allowing national security agencies to operationalize Microsoft’s Large Language Models (LLMs) via Azure OpenAI Service within Palantir’s AIP in Microsoft’s government and classified cloud environments.
On Monday, LifeWallet announced new subscription licensing through its partnership with Palantir. The company will utilize the Palantir Foundry platform for the development of a sophisticated data analytics system that captures and manages healthcare data.
It’s worth noting that Palantir stock has been trending across various social sites as the stock continues to rally. In a recent poll of Benzinga readers, Palantir was picked over four other non-Mag 7 AI stocks as the most likely company to outperform over the coming year. Palantir also showed up on Benzinga’s “Stock Whisper” Index last week.
PLTR Price Action: Palantir shares were hovering around 52-week highs at last check, trading roughly flat at $32.01 at the time of publication, according to Benzinga Pro.
Each week, Benzinga’s Stock Whisper Index uses a combination of proprietary data and pattern recognition to showcase five stocks that are just under the surface and deserve attention.
Investors are constantly on the hunt for undervalued, under-followed and emerging stocks. With countless methods available to retail traders, the challenge often lies in sifting through the abundance of information to uncover new opportunities and understand why certain stocks should be of interest.
Here’s a look at the Benzinga Stock Whisper Index for the week of Aug. 16:
AST SpaceMobile (NASDAQ:ASTS): The satellite and space-related company was one of the stocks with the highest interest over the past week, which comes after quarterly earnings and a company update. Among the updates was that the company is on track to launch five satellites in early September.
“We stand at a pivotal moment for AST SpaceMobile. The arrival of our first five commercial satellites at the launch site marks the culmination of years of relentless innovation and perseverance, in partnership with industry leaders like AT&T, Google, Verizon, Vodafone and Rakuten, among others,” AST SpaceMobile CEO Abel Avellan.
Avellan said the upcoming launch is “a significant step toward fulfilling our mission to eliminate dead zones and empower communities worldwide with space-based cellular broadband connectivity.”
The BlueBird satellites are expected to be part of a nationwide, non-continuous service for AT&T and Verizon beta test users in the coming months.
After the company update, B. Riley Securities analyst Mike Crawford maintained a Buy rating and raised the price target from $15 to $26. UBS also maintained a Buy rating and raised the price target from $13 to $30.
AST shares were up over 40% on the week, as seen on the Benzinga Pro chart below. Shares of the satellite company are up over 400% year-to-date in 2024.
Cingulate Inc (NASDAQ:CING): The clinical-stage biotech saw shares surge during the week following a patent granted in Europe.
The patent covers the company’s lead asset CTx-1301, which is a treatment for Attention Deficit Hyperactivity Disorder, also known as ADHD. The patent covers up to 30 European territories. News of the patent comes as the company is preparing to file a new drug application with the FDA for the U.S. The NDA is expected to be filed in the first half of 2025.
Cingulate shares are up over 100% in the past five days, as seen on the Benzinga Pro chart below. The stock is down over 90% year-to-date.
Palantir TechnologiesInc (NYSE:PLTR): The software company continues to see strong interest from Benzinga readers with its presence in the artificial intelligence sector.
Palantir reported second-quarter financial results recently with revenue up 27% year-over-year, beating consensus estimates from analysts. The company’s customer base was up 41% year-over-year.
The company also shared details of a collaboration with restaurant company Wendy’s and an expanded partnership with Microsoft for AI tools.
“The growth of our business has been re-accelerating steadily, and we see an unprecedented opportunity ahead to capture and build on that momentum,” Palantir CEO Alex Karp said.
In a recent poll of Benzinga readers, Palantir was selected as the winner among five non-Mag 7 AI stocks as the company that will outperform in the coming year. Palantir won with 32% of the vote, beating out Advanced Micro Devices, Taiwan Semiconductor Manufacturing, Intel and C3.ai.
Workday Inc (NASDAQ:WDAY): The software company saw strong interest from investors over the last week, which comes ahead of second-quarter financial results.
Workday will report second-quarter financial results on Aug. 22. Analysts expect the company to report earnings of $1.65 and revenue of $2.07 billion. Workday has beaten analyst estimates for earnings per share in eight straight quarters and nine of the last 10 quarters. The company has also beaten revenue estimates in more than 10 straight quarters.
Workday shares fell in May after reporting first-quarter financial results and lowering guidance.
Bank of America recently lowered its price target for Workday from $275 to $265 and Wells Fargo lowered its price target from $275 to $260. Analysts and investors will be closely watching second-quarter results to see if the company can beat estimates and if full-year guidance can improve.
Snap Inc (NYSE:SNAP): The social media stock saw high interest from readers, which may be for negative reasons. A 13F filing from Soros Fund Management revealed the fund sold 1.4 million Snap shares in the second quarter, exiting its position. Snap’s recent second-quarter financial results showed revenue of $1.24 billion falling shy of analyst estimates.
While the company could becoming irrelevant and losing to competitors, there were several positives in the quarter. Revenue was up 16% year-over-year and daily active users were up 9% year-over-year.
Snap shares were up on the week, but are down 45% year-to-date in 2024. With shares trading near 52-week lows of $8.28, investors could see potential future value with new product launches and a focus on AI.
We first heard from Lana Van Brunt and Hayley Dineen when their recently founded project, Sackville & Co., was acquired by 48North. However, the turmoil that followed is less widely known.
Founded in 2018, Sackville & Co. set out to challenge the male-dominated cannabis design and accessory market. Their goal was clear: create beautiful, art-inspired products that resonate with a diverse and often overlooked audience.
“Sackville was born out of our desire to see cannabis represented in a new light and to highlight the diversity of the cannabis audience,” Van Brunt said in an exclusive interview with Benzinga.
Battle For Ownership
In March 2020, Van Brunt and Dineen found themselves in a fierce legal battle to regain control of their company when 48North’s new leadership decided to shut them down. The struggle was intense, but after months of negotiation, they emerged victorious.
“At the beginning of March 2020, we began the fight to buy back our company. After a tough legal battle, we came out victorious, with our company back in our hands and a significant amount of legal debt,” Van Brunt said.
Though relieved to have their company back, they were now faced with repaying a hefty legal debt. They turned to an old-fashioned yet effective strategy: going door to door. This approach, combined with their sharp sense of market opportunity, helped them recover and thrive.
Market experts often say that to sell something, you need to present it as a solution to a problem. For Van Brunt, the problem was that the cannabis industry was overlooking people like her.
“We created the company to make products for ourselves because no other brand was targeting the female demographic or seeing the accessories market as a meaningful opportunity,” Van Brunt told Benzinga.
Their approach worked, leading to collaborations with high-profile clients such as Curaleaf (OTC:CURL), GTI (OTC:GTBIF), Old Pal, Miss Grass, WME, and Cresco Labs (OTC:CRLBF). It’s not just luxury ítems and fashionable accessories that did the trick
“We offer a range of creative services to turn ideas into tangible products,” she added.
Beyond The Bottom Line
Operating as a bootstrapped company hasn’t hindered Sackville & Co.’s growth. The brand blends art, music, fashion and culture into its products and the outcome has yielded impressive results.
“Our businesses are growing significantly, with a CAGR of 105%. It’s been an incredible journey, and we’re proud of our progress!” Van Brunt said.
If crafting new products from inspirational basis is at the heart of the company, profitability is not its only focus. Van Brunt stressed their commitment to broader impacts both as manufacturers and consumers.
“We don’t want to buy from companies that stand for nothing, and we don’t want to create a company that doesn’t contribute to the greater good. The cannabis industry has many issues that need immediate attention and resolution.”
This commitment has led to collaborations with social justice initiatives like the Last Prisoner Project and the Women’s Prison Association, furthering their dedication to making a positive impact.
Thriving In New York’s Cannabis Scene
As part of their continued success, Sackville & Co. recently launched a limited edition piece that captures New York City’s vibrant spirit, in collaboration with Wu-Tang Clan’s RZA, one of many other resounding collabs.
“We love seeing the industry grow and watching independent brands emerge with fresh perspectives on how cannabis fits into daily life. Cannabis has been embraced so widely in New York, and we’re thrilled to be part of that evolution,” Van Brunt said.
Retail giant Walmart Inc (NYSE:WMT) could provide analysts and investors a better picture of how inflation impacts consumer spending and shopping habits when it reports second-quarter financial results before the market opens on Thursday.
Earnings Estimates: Analysts expect Walmart to report second-quarter revenue of $168.57 billion, according to data from Benzinga Pro.
The company reported revenue of $161.63 billion in last year’s second quarter. Walmart has beaten analysts’ revenue estimates in 17 straight quarters.
Analysts expect Walmart to report second-quarter earnings per share of 64 cents, compared to 61 cents per share reported in last year’s second quarter. Walmart has beaten analysts’ earnings per share estimates in eight of the last 10 quarters. It has beaten or made estimates in eight straight quarters.
Walmart’s guidance calls for second-quarter earnings per share in a range of 62 cents to 65 cents.
The earnings report comes with Walmart stock up 30% year-to-date, as seen on the Benzinga Pro chart below, beating the performance of many broad stock market indexes.
What Experts Are Saying: Walmart could be a “safe haven in weak markets,” JPMorgan analyst Christopher Horvers said in a recent investor note.
The analyst has an Overweight rating and $81 price target. Walmart could beat earnings estimates and raise guidance, a rare occurrence in the retail sector of recent, Horvers said.
“Defense and offense win championships,” he added.
The analyst said there is an increased risk of concern from Walmart investors of a potential consumer deceleration.
“Our mid-July Nielsen analysis suggested upside to U.S. grocery comps while value players continue to gain share and grocery price gaps widening.”
Horvers said it’s potential that Walmart has been cautious on the revenue outlook for the second half of 2024.
“WMT is likely one of the few beat-and-raise stories in retail, it continues to gain share, it’s a safe-haven stock.”
Placer.ai data points to potential higher customer counts in the second quarter with visits up 3.9% for Walmart and 7.5% for Sam’s Club on a year-over-year basis in the second quarter.
Freedom Capital Markets Chief Global Strategist Jay Woods highlighted Walmart as one of the most important earnings reports of the week when showing the technical of the stock in his weekly newsletter.
“Walmart remains the cream of the crop in the retail and consumer staple world,” Woods said.
Woods said the hope for Walmart is that they overcome a trend of stocks beating earnings and then not making a new leg higher for their stock.
“The downside is that when companies have missed they tend to fall quickly and test key support areas.”
Key Items to Watch: Walmart’s earnings report could provide key commentary on consumer shopping trends including size of order, trading down from brand names to private brands and more.
With inflation concerns easing, Walmart could provide a look on if this means higher ticket items have seen an uptick in volume.
Walmart’s ecommerce sales could be another key item to watch. The company reported a 21% increase ecommerce sales in the first quarter.
Walmart also reported a 24% increase in advertising revenue in the first quarter. This could also be a key item to watch in Thursday’s report.
WMT Price Action: Walmart shares trade at $68.44 on Wednesday versus a 52-week trading range of $49.85 to $71.33.
Digital Ally Inc (NASDAQ:DGLY) shares are trading higher by 62% to $1.38 Wednesday morning after the company was granted a U.S. Patent for tracking and analysis of drivers within a fleet of vehicles.
The patented system could addresses critical needs in the fleet management industry, such as real-time monitoring, incident reporting, and driver behavior analysis.
Companies managing large fleets are particularly interested in tools that can reduce accidents, optimize operations and improve driver performance. Digital Ally’s ability to provide these solutions could result in new contracts or partnerships, boosting revenue projections and investor confidence.
The announcement of a patent can also create a wave of positive sentiment among investors, especially those who view intellectual property as a key asset. This sentiment can drive speculative buying.
By now you’re likely curious about how to participate in the market for Digital Ally – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,’ which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so.
In the the case of Digital Ally, which is trading at $0.85 as of publishing time, $100 would buy you 117.65 shares of stock.
If you’re looking to bet against a company, the process is more complex. You’ll need access to an options trading platform, or a broker who will allow you to ‘go short’ a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
According to data from Benzinga Pro, DGLY has a 52-week high of $4.04 and a 52-week low of $0.84.
Archer Aviation, Inc. (NYSE:ACHR) and Future Flight Global (FFG)on Tuesday announced a memorandum of understanding (MOU) for the planned purchase of up to 116 Midnight Aircraft worth up to $580 million.
The Details:
The agreement includes the planned purchase by FFG of up to 116 of Archer’s Midnight aircraft, worth up to $580 million, bringing Archer’s indicative order book to $6 billion. Archer and FFG plan to launch air taxi services in some of the largest markets globally, including Southeast Asia, Europe and the Middle East.
The two companies are working to formalize definitive agreements covering the intended aircraft purchases and strategic operating alliance, with nearly $5 million in pre-delivery payments planned upon their completion.
According to data from Benzinga Pro, Archer shares are down more than 30% over the past month and are trading below the stock’s 50-day moving average of $3.95.
ACHR Stock Prediction 2024:
Equity research can be a valuable source of information for learning about a company’s fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.
Shares of Archer Aviation have an average 1-year price target of $9.31, representing an expected upside of 162.25%.
Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. No analysts have bearish recommendations on Archer Aviation, while 7 analysts have bullish ratings. The street high price target from Benchmark is $12, while the street low from Barclays is $4.50.
ACHR Price Action: According to Benzinga Pro, Archer Aviation shares are roughly flat at $3.54 at the time of publication Tuesday.
Home improvement retailer Home Depot Inc (NYSE:HD) could see strength in consumer home repairs and a potential housing market rebound factor into second-quarter financial results and future guidance when the company reports earnings Tuesday before the market open.
Home DepotEarnings Estimates: Analysts estimate Home Depot will report second-quarter revenue of $43.38 billion, according to data from Benzinga Pro.
The company reported revenue of $42.92 billion in the comparable period last year. Home Depot has beaten analyst revenue estimates in three of the last five quarters and seven of the last 10 quarters.
Analysts estimate the company will report second-quarter earnings per share of $4.50 compared to $4.65 in last year’s second quarter. Home Depot has beaten analyst estimates for earnings per share in 16 straight quarters.
What Analysts Are Saying: While there are concerns that Home Depot could cut guidance, JPMorgan analyst Christopher Horvers sees the stock as a high-quality name.
The analyst maintained an Overweight rating on Home Depot and raised the price target from $377 to $400.
Horvers lowered estimates for Home Depot’s same-store sales in the second quarter and full fiscal year.
“Big picture, we are lowering SSS to -3.0% given weather headwinds earlier in the quarter and lagging weakness in large Pro,” Horvers said.
The analyst said second-half guidance from key Home Depot vendors also led to estimate cuts.
“Like may of our more rate-sensitive retailers that experienced a COVID boom, the flip to positive trends continues to be deferred with a softer consumer and persistently higher mortgage rates, despite share of wallet back to pre-COVID levels.”
Home Depot management is optimistic on the “long-term housing dynamics,” the analyst said.
“We believe the recent reduction in long-term rates will spur demand as existing home sales remain at 40-year lows.”
Data from retail data firm Placer.ai suggests that Home Depot was one of several retailers that saw foot traffic increase in the second quarter.
In the second quarter, foot traffic was up 1.1% year-over-year at Home Depot stores according to a Placer.ai report. This marks an improvement over data tracked in the first quarter, which found Home Depot foot traffic up 0.2%.
The 1.1% year-over-year increase for Home Depot stores was also ahead of Lowe’s foot traffic up 0.6% year-over-year, according to the report.
Placer.ai said the data could point to a “thawing housing market” leading to more demand for home improvement items as homeowners look to home repairs over moving.
The report also saw that cross-shopping behind Home Depot and Lowe’s (NYSE:LOW) was up in the second quarter, which could mean homeowners are taking on bigger home repairs and comparing prices or buying items from both large home improvement retailers.
Telsey: Maintained Market Perform rating and $360 price target
Truist: Maintained Buy rating and lowered the price target from $406 to $396
Stifel: Maintained Hold rating and raised the price target from $374 to $380
Key Items to Watch: Key items like sales, comparable sales and earnings will be closely watched by analysts and investors Tuesday.
Another key item, which relates to the Placer.ai data, could be average ticket size.
In the first quarter, the average ticket at Home Depot was $90.68, down 1.3% year-over-year. Investors and analysts will likely want to see this figure rise and an increase could suggest that larger home repair projects are being completed.
Home Depot CEO Ted Decker cited softness in “larger discretionary projects” back in the first quarter.
Home Depot’s commentary on consumer spending could signal whether the housing market is rebounding and customers are spending more at home improvement stores or vice versa.
HD Price Action: Home Depot shares are trading at $345.41 Monday versus a 52-week trading range of $274.26 to $396.87. Home Depot shares are up 4.7% over the last year and down 0.3% year-to-date.
The home retailer trails the stock performance of peer Lowe’s, which is trading 5.4% higher over the last year and is up 4% year-to-date.
Lowe’s reports second-quarter results Aug. 20, and Lowe’s stock could react to any read-through from the Home Depot report.
If understood and applied correctly, technical analysis is a study of supply and demand and market psychology. Classic chart patterns are graphical illustrations of these dynamics.
For example, a ‘descending triangle’ has formed on the chart of Trump Media & Technology Group Corp. (NASDAQ:DJT). This pattern typically has bearish implications and suggests that the price is about to move lower. This is why our team of expert traders and technical analysts have made it our ‘Stock of the Day’.
A descending triangle shows that as time passes, buyers remain patient while sellers become increasingly aggressive. Regardless of the market, aggressive sellers and complacent or patient buyers can set the stage for a move South.
As you can see on the chart, the $25 level has been support for DJT since April. Each time the shares dropped to this price, buyers put a floor under it. This means that these buyers were willing to be patient and let the sellers come to them.
The horizontal support line is an illustration of patient or complacent buyers.
As you can also see on the chart, the resistance line has been declining or descending since late March. This line illustrates a series of ‘lower highs’.
It shows that as time has passed, the sellers have become increasingly aggressive. They have been willing to accept successively lower prices for their shares.
The descending resistance line is an illustration of aggressive sellers
When a stock reaches a support level, as DJT has done, traders and investors become curious as to whether the support will break and the shares will head lower, or if the support will hold and the shares will reverse and rally.
When there is a descending triangle pattern or series of lower highs in a trend before a stock reaches support, there is a good chance that the support breaks. The aggressive sellers will overpower the patient buyers. This will force the price lower.
There is a good chance that shares of DJT are about to enter a new downtrend.
Malcolm Ethridge, Executive Vice President of CIC Wealth, expressed his bullish stance on CrowdStrike Holdings Inc. (NASDAQ:CRWD) on CNBC’s Worldwide Exchange on Friday.
What Happened: Ethridge suggested that the current situation presents a buying opportunity for investors.
“When we get to a place where we believe that the worst of the news is out there, it’s time to buy Crowdstrike. If you loved it at $350, then you should absolutely love it at $250.”
“When we get to a place where we believe that the worst of the news is out there, it’s time to buy $CRWD. If you loved it at $350, then you should absolutely love it at $250,” says @MalcolmOnMoney to @FrankCNBCpic.twitter.com/8ioIDO0l2S
This comes in the wake of CrowdStrike facing legal action over a global outage that impacted air travel last month. The cybersecurity firm is accused of negligence in testing and deploying its software, leading to the outage.
Why It Matters: The outage has resulted in significant operational disruptions, including about 7,000 flight cancellations over five days, leading to a direct revenue impact of $380 million for the September quarter for Delta Air Lines, Inc. (NYSE:DAL).
The outage caused by CrowdStrike has had significant global implications. The CEO, George Kurtz, has been summoned by a U.S. congressional panel to testify on the global tech outage. The faulty update affected less than 1% of Windows users globally, which equates to approximately 8.5 million machines, as revealed by Microsoft.
Despite the lawsuit and the operational disruptions, some analysts remain optimistic about CrowdStrike’s long-term growth potential. Piper Sandler analyst Rob D. Owens recently upgraded CrowdStrike’s rating to Overweight from Neutral, citing the company’s resilience and dominance in the endpoint space as key growth catalysts.
Price Action: Crowdstrike was trading 1.65% higher during pre-market on Friday, according to Benzinga Pro.
MicroStrategy Inc. (NASDAQ:MSTR), a name synonymous with enterprise analytics and a heavy Bitcoin (CRYPTO: BTC) bet, finds itself at a substantial discount trading at around $134.
That’s about 35% below its 52-week high of $200. Despite the stock’s volatile journey, it has shown a phenomenal 250% rise over the past year and a 105% increase year-to-date.
The cryptocurrency downturn largely contributed to its steep decline; a long-term commitment to Bitcoin could attract investors looking for a tech-stock-crypto hybrid play.
Dell Technologies Positioned For Future Growth
Dell Technologies Inc. (NYSE:DELL) is trading at around $90. That’s 50% below its 52-week high of $180.
The past month’s decline of 37% reflects broader tech-sector pressures. Yet, Dell has managed to post a 61% rise over the past year, reflecting resilience in its business operations.
Its focus on hybrid cloud solutions and enterprise products positions it well for future growth, even amid near-term headwinds.
Super Micro Computer Forays Into AI
Super Micro Computer Inc. (NASDAQ:SMCI) stock is trading at around $490. That’s approximately 60% below its 52-week high of $1229. Known for its high-performance computing solutions, the stock has experienced about 40% increase over the past year.
Recent performance shows a 47% dip over the last month, indicating potential buying opportunities for long-term investors.
The company’s push into AI and server solutions remains a key driver, as it seeks to capitalize on growing demand in data-intensive sectors.
While trading below their highs, these large-cap stocks present unique opportunities for investors willing to navigate the inherent risks. Whether it’s MicroStrategy’s bold Bitcoin strategy, Dell’s technological resilience, or Super Micro’s foray into AI, these stocks are ones to watch for potential recovery and growth.
