Cramer’s note of caution comes when Palantir’s shares were trading in the red in Monday’s opening trade, down more than 3% at the time of writing.
Jim Cramer on Monday warned traders who are short on Palantir Technologies Inc. (PLTR) stock to “not overplay their hand” as markets opened for trading for the week.
Cramer’s note of caution comes when Palantir’s shares traded in the red in Monday’s opening trade, down more than 3% at the time of writing. Retail sentiment on Stocktwits around the company was in the ‘bullish’ territory.
“Shorts momentarily “winning” with Palantir. They best not overplay their hand. Karp knows all,” Cramer said in a post on X.
Palantir’s shares have witnessed a downturn after the stock scaled an all-time high earlier in August, touching $190. Since then, the PLTR stock has been down more than 17%. Cramer, however, has remained steadfast in his bullish outlook on the company, after having coined a new acronym, “PARC”, which includes Palantir, Applovin Corp. (APP), Robinhood Markets Inc. (HOOD), and Coinbase Global Inc. (COIN).
“A new acronym for the meme stocks that just won’t quit!!! PARC!” Cramer said in a post on X while announcing the new term in July.
Palantir also found a spot on Wedbush Securities’ Managing Director Dan Ives’ list of AI winners and losers. The tech bull listed Palantir alongside Nvidia Corp., Microsoft Corp., and several other technology giants as one of the potential AI winners.
As for bears gaining an upper hand over bulls with respect to AI stocks, Ives said it will happen when there is volatility. “I view those more as golden opportunities to own the tech winners,” he said.
PLTR stock is up 105% year-to-date and 402% over the past 12 months.
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