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Palantir Technologies Inc. PLTR stock fell on Wednesday, driven by targeted regulatory scrutiny regarding its UK National Health Service (NHS) Federated Data Platform (FDP) contract.
The Nasdaq is down 0.21% while the S&P 500 has gained 0.11%, and Technology is the weakest sector on the day (down 0.4%), setting a tougher backdrop for high-multiple software names.
• Palantir Technologies shares are sliding. Why is PLTR stock dropping?
UK Regulator Addresses FDP Metrics
The UK’s Office for Statistics Regulation (OSR) addressed public concerns on Wednesday regarding NHS England’s communication of performance metrics for the FDP.
On June 6, NHS England updated its methods page, adding: "We cannot therefore draw conclusions about cause and effect as other variables have not been controlled for."
The OSR noted that NHS England added the caveat following Freedom of Information requests regarding FDP data analysis. NHS England committed to placing caveats on its main FDP website and commissioning Imperial College to conduct an independent academic evaluation.
Contract Controversies and Criticism
The regulatory developments follow broader scrutiny over the NHS contract.
Jo Maugham, executive director of the Good Law Project, stated: “Palantir is not — and frankly never has been — a company that can be trusted with this nationally important contract.”
Domestic Alternatives In the UK
Regional NHS entities have also opted out of the system. In a Guardian letter published on July 20, Dr. Devan Moodley, CEO of Health Connect Global, highlighted that Greater Manchester’s integrated care board declined the platform, relying instead on local capabilities built with UK universities and firms.
Financial Results Approaching
Palantir will report its second-quarter financial results on Aug. 3. Analysts project earnings per share of 33 cents on quarterly revenue of $1.81 billion.
Technical Analysis
From a trend perspective, Palantir is still trying to stabilize after a longer downtrend: it’s trading 2.9% below its 50-day SMA ($132.22) and 17.1% below its 200-day SMA ($154.84), keeping the intermediate and long-term bias tilted bearish. The 20-day SMA ($126.81) is just underneath price, but the 20-day remains below the 50-day (bearish), and the Death Cross that formed in February (50-day below 200-day) continues to hang over rallies.
Momentum is best read through RSI, which sits at 47.37 — neutral and consistent with a stock that’s chopping rather than trending strongly.
- Key Resistance: $136.50
- Key Support: $122.50
PLTR Stock Price Activity: Palantir Technologies shares were down 4.93% at $126.12 at the time of publication on Wednesday, according to Benzinga Pro data.
Image via Shutterstock
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This article Why Is Palantir Stock Falling on Wednesday? originally appeared on Benzinga.com.
