Palantir Technologies, Inc. ( PLTR ) shares are moving Thursday. The stock dipped following the company's first-quarter earnings report released on Monday. 

The Details:

Palantir ( PLTR ) shares have dipped nearly 5% over the past five days and Ark Invest, led by Cathie Wood, has been buying the dip. 

Ark Invest's ETFs Ark Fintech Innovation ETF ( ARKF ) , ARK Innovation ETF ( ARKK ) , ARK Autonomous Technology & Robotics ETF , and ARK Space Exploration & Innovation ETF purchased a combined total of 1,353,667 shares of Palantir ( PLTR ) for approximately $29 million on Tuesday. 

Palantir's ( PLTR ) first-quarter revenue increased 21% year-over-year to $634 million, beating the consensus estimate. However, the stock tumbled as investors reacted negatively to the company’s light guidance for the second quarter and the full year.

CNBC's Jim Cramer said he still believes Palantir ( PLTR ) is a strong company following the earnings report. 

"I like that conference call very, very much," Cramer said. "I say not to worry, that company is a good company to own right here, right now."

HSBC maintained its Hold rating on Palantir ( PLTR ) and raised the price target from $22 to $23 following the print. Citigroup also maintained its Neutral rating and raised the price target from $23 to $25.

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Will PLTR Stock Go Up?

When trying to assess whether or not Palantir Technologies ( PLTR ) will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $24 on Palantir Technologies ( PLTR ). The Street high target is currently at $35 and the Street low target is $9. Of all the analysts covering Palantir Technologies ( PLTR ), 3 have positive ratings, 4 have neutral ratings and 3 have negative ratings.

In the last month, 6 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Palantir Technologies ( PLTR ) have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Palantir Technologies ( PLTR ) is 116.4% up year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about Palantir Technologies ( PLTR ), visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

PLTR Price Action: According to Benzinga Pro, Palantir Technologies ( PLTR ) shares are down 0.7% at $21.41 at the time of publication Thursday.

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