The date was November 7th, 2020 when WallStreetBets users finally began to take notice of the PLTR (Palantir) stock ticker after a 10% uptrend in the stock price. At the time, comment volume jumped from no users mentioning the PLTR ticker to about 5% of all comment volume mentioning the name. Nothing new here, meme stocks rocket up and crash on a weekly basis over at r/WallStreetBets. Here’s a look at the sentiment chart from that time.
Let’s continue moving forward in the story and we can see the PLTR stock price (gold line) slowly, but steadily continuing it’s rise in share price. The stock rose another 10% the following week and it wasn’t long until it started moving up 10% per day. That’s when it really started to trend on the WallStreetBets forum.
The days before a quarantined Thanksgiving gave confidence to the hundreds of thousands of users browsing the forum. The phrase “Calls on PLTR” was heard hundreds of times per hour as the stock price continued it’s DAILY rise of 10-20% taking all call-holders to a place they like to call Valhalla. If you were browsing WallStreetBets the last few days you were probably annoyed at how frequently the ticker PLTR was mentioned. Comment volume has peaked at roughly 50% of ALL ticker mentions comprising of PLTR. The only other tickers to reach this level of meme status? Tesla, and NIO. That’s it. Now that the stock price has increased over 200% in such a short period of time we can see the bullishness has gone down from 90%-95% to only 75% bullish.
Will the Thanksgiving long weekend put a dampener on the sentiment and the call-buying? We will find out Monday at 9:30am when the stonk market resumes trading.