After doing channel checks inside Washington, D.C., Wedbush Securities has added confidence that Palantir Technologies (NASDAQ:PLTR) could win additional deals and see an increase in federal spending.

Palantir Technologies (PLTR) has been among the best-performing stocks over the past 12 months, driven by improving earnings, enthusiasm for

Wedbush analysts see upside for Palantir Technologies (NASDAQ:PLTR) as the evolving spending environment in Washington, D.C., aligns with the company’s strengths.  The firm said it has been speaking to more of its Beltway contacts over the last few weeks to get better insight into the current massively changing spending environment in DC and how this could impact Palantir looking forward.

After hitting an an intraday high of $125.41 per share last Wednesday, Palantir Technologies (PLTR) has fallen for four consecutive days, losing almost 28% of its value. In pre-market trading this morning, PLTR stock is down another 3.5%. There doesn’t appear to be anything capable of stopping this free fall plunge.

Palantir Technologies (PLTR) CEO Alex Karp made some very interesting and pro-Musk comments on CNBC ’s “Squawk Box” interview on Tuesday. Following this, PLTR stock touched a fresh 52-week high of $125 during intraday trading yesterday.

One analyst thinks Palantir will end up benefiting from Pentagon budget cuts, contrary to fears. But the stock remains pricey relative to others in software.

Detailed price information for Palantir Technologies Inc Cl A (PLTR-Q) from The Globe and Mail including charting and trades.