Palantir Technologies Inc (NASDAQ:PLTR) stock is up 3.8% to trade at $201.95 this morning, after Goldman Sachs upgraded the software concern to "buy" from "neutral." The analyst in coverage also threw in a price-target hike to $250 from $230, citing the expanding AI opportunity.
PLTR is back above $200 for the first time this year, and is now a chip shot from its Nov. 3 record high of $207.52. The shares boast a 13% year-to-date lead after carving out a channel of higher highs since April. So much for that death cross formed in the summer.
Keep an eye on the stock's 14-Day Relative Strength Index (RSI) though, last seen at 73 and just in "overbought" territory.
Short-term options traders have been betting bearishly. This is echoed by PLTR's Schaeffer's put/call open interest ratio (SOIR) of 1.13, which ranks in the 100th percentile of its annual range.
Whatever the direction, options are affordably priced. Palantir's Schaeffer’s Volatility Index (SVI) of 41% stands in the 4th percentile of its annual range.
