Investors in Palantir Technologies (NYSE:PLTR) and PLTR stock have gotten a big boost today. Finally.
Shares of Palantir have been on a downward trajectory in recent months. Since hitting a high of $45 per share earlier this year, PLTR stock is down more than 55% from its peak. Accordingly, growth investors looking for a decent entry point seem to have picked today as a good opportunity to get back into PLTR stock.
As InvestorPlace Web Editor Nick Clarkson pointed out in a recent piece, Palantir reported some pretty decent earnings today. Among the highlights are year-over-year revenue growth of 49% and higher adjusted earnings per share. The company’s operating margin did widen, as did Palantir’s net loss.
However, there’s another piece of news that’s driving PLTR stock higher today. Let’s get into it.
Bitcoin News Sends PLTR Stock on a Nice Ride Today
On Palantir’s earnings call today, CFO Dave Glazer commented on the potential for Palantir to add Bitcoin (CCC:BTC-USD) to its balance sheet. Mr. Glazer’s comments that Palantir was “open for business” and that Bitcoin is “definitely on the table” as a place to park the company’s cash has incited retail investors to once again consider this stock.
Additionally, the data analytics company said it was now accepting Bitcoin as payment for services on the call. As a Peter Thiel company, this move perhaps isn’t unexpected. Mr. Thiel’s other businesses — PayPal (NASDAQ:PYPL) and Venmo — have already made the move to accept crypto as payment.
Indeed, retail investors seem to be eating this news up. Palantir continues to be one of the most-discussed stocks on popular social media forums such as r/WallStreetBets. This move to appeal to the stereotypical stimulus check-investing millennial appears to be working. Shares of PLTR stock are up more than 7% at the time of writing.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article.