- Summary:
- In this top share price prediction, tell you why Vistra, Constellation Energy and Palantir hold much promise.
Table of Contents
US stock markets have had a good run this year despite the accompanying concerns over potential economic contraction. Fed interest rate decisions and the Middle East conflict have recently come into play, and these, too, will shape market performance.
Below, we look at three of the best performers who have not only shown muscle in the stock market, but also signal a likely continuation of the upside. We discuss Vistra, Palantir Technologies and Constellation Energy share prices.
Vistra
Vistra share price has gained 242 percent year-to-date, outperforming the stock market poster child, Nvidia. More recently, it has gained 73 percent in the last month and 11 percent in the last week. These signal a strong bullish momentum that could provide strong support for the stock.
Vistra (NYSE: VST), which supplies electricity from multiple sources, including nuclear, natural gas and solar, has shown a strong baseline, too. The company reported revenues of $3.84 billion for the quarter ending June, a 20.7 percent growth year-on-year to beat median EPS estimates by 184 percent.
Looking ahead, Vistra is on a . Growth in AI is also a boost for Vistra as data centres are big consumers of electricity. Therefore, I expect Vistra share price to mirror the performance of AI stocks significantly. In addition, it big tech companies are keen on keeping their carbon emissions low, and Vistra’s blend of nuclear and solar power offers a solution. The company is expanding its generation capacity by 2,000 MW this financial year, and that will enable it to keep up with the demand.
Vistra is currently undertaking a share repurchase program that could help provide support for its stock. The company has allocated $2.5 billion to cover 2024 and 2025 and will spend an additional $1 billion in 2026. Vistra will report its earnings on November 5, and that could set the tone for continued uptrend by its stock.
Vistra share price prediction
Vistra share price will likely pivot at 129.50, below which the sellers could have the upper hand if resistance persists. Initial support could come at 127.50, but a stronger bearishness could breach that mark to test 127.30.
On the other hand, the buyers could take control if VST moves above 129.50. If that happens, the first resistance could come at 131.50. However, extended control by the buyers could break above that mark to test 133.97. At that point, the downside narrative will be invalid.
Palantir
Palantir Technologies (NYSE: PLTR) has curved a niche in the AI sector by offering a data-centric solution. In a world where data is increasingly becoming valuable, synthesising and making sense out of huge volumes of numbers and statistics can be overwhelming. Palantir uses AI to help enterprises, organisations and governments to sieve through data, generate models, optimise outputs and prety much anything else that one can do with numbers.
Initially focusing on government contracts, Palantir has since widened its reach to incorporate private enterprises and corporations. The company reported an 83 percent YoY growth in commercial customers for the quarter ended June 2024. Overall, it reported a 43 percent growth in customer numbers during that period, signalling the high demand for its services. Its recent high profile contract was a $480 million contract from the US Department of Defence.
Palantir reported net income of $134 million in the second quarter, with a 20 percent margin. Its revenues grew by 27 percent to reach $2.4 billion in the last year, underlining a highly functional business model. Palantir share price is among the best-performing in the S&P 500, and it has gained 129 percent year-to-date. In addition, it is up by 27 percent in the last month. The company will announce its quarterly results on November 5, and that could help fuel gains by its stock.
Palantir share price prediction
The momentum on Palantir stock price favours the buyers above 39.15. With the buyers in control, the first resistance could come at 39.45. However, if the upside momentum strengthens, it could break above that barrier to test 39.85.
Conversely, moving below 39.15 will favour the sellers to take control. In that case, the first support could come at 38.80, but a stronger downward momentum could break below that mark to invalidate the upside narrative and potentially extend the decline to test 38.50.
Constellation Energy
Constellation Energy (NYSE: CEG) is a utility company providing nuclear energy, natural gas, solar and electricity management services . Like its competitor, Vistra, Constellation Energy’s growth is closely tied to the rising power demands by major tech companies. Constellation stuck a major deal in September, with Microsoft announcing that it would be purchasing electricity from the company’s Pennsylvania nuclear power plant.
The contract will see Constellation spend $1.6 billion to revive Unit 1 of its Three Mile Island facility which it had shut down in 2019. In the end, Microsoft will purchase 835 MW of electricity as it focuses on carbon-free energy. Contellation share price has risen by 139 percent yera-to-date and is up bu 58 percent in the last month, establishing a strong bullish momentum.
Constellation Energy share price prediction
Constellation Energy stock price pivots at 279.24, and the downside will likely prevail if resistance persists at that level. With the sellers in control, the first support could come at 275.00. However, if they extend that control, it could break below that level to test 270.00.
Conversely, moving below 279.24 will signal bullish control. However, the bulls will likely encounter the first resistance at 283.50. Nonetheless, extended control by the buyers could enable a break above that level. Furthermore, that will invalidate the downside narrative and test 287.50.
