The meme stock rally is in full force right now, and as investors in Palantir Technologies (NYSE:PLTR) stock have seen, retail investor support is everything.

Since the company’s retail investor-fueled rally earlier this year, PLTR stock has lacked the heavy retail buying that brought this stock to a peak of $45.00 per share.

Since then, shares have been cut in half, trading around $22.50 at the time of writing.

Now, the question remains – can PLTR stock get a lift in this environment?

Time will tell. However, Palantir has seen a nice rise in recent days, trading significantly higher than May 13 lows around $18 per share. It will open this morning above $22. Accordingly, traders looking for a swing trade may be enticed by this stock in this environment.

The company has got its own set of catalysts that have taken PLTR stock on a nice ride of late. Let’s dive into what’s going on with Palantir right now.

Bitcoin Mania and PLTR Stock

On May 11, Palantir reported relatively strong earnings. Quarterly revenue was up by 49% year-over-year, and the company’s bottom line met analyst expectations. These decent numbers are a catalyst, in their own right.

However, the big takeaway retail investors have gotten excited about from the company’s earnings report had nothing to do with its backward-looking numbers.

On the company’s earnings call, CFO Dave Glazer provided some intriguing commentary on the company’s plans around investing in, or potentially accepting as payment, Bitcoin (CCC:BTC-USD).

Palantir was co-founded by Peter Thiel, an investor with a bullish outlook on crypto, and it appears the company’s CFO has taken a similarly bullish stance on the idea of utilizing Bitcoin moving forward.

The company’s comments on this front were rather vague. Glazer noted the company was “open for business” with respect to adding some Bitcoin exposure as a treasury investment. For crypto bulls, that’s all the company needed to say.

Indeed, if Palantir does add some crypto to its balance sheet, it wouldn’t be the first high-profile company to do so of late. Tesla (NASDAQ:TSLA) CEO Elon Musk recently made a large $1.5 billion bet on Bitcoin, and other companies have followed.

It appears Palantir’s management team is either very bullish on crypto or pandering to its retail investor base. In either case, as long as cryptocurrencies like Bitcoin continue to rise, Palantir stands to benefit right now.

Bottom Line

Palantir continues to be a stock that fits the profile of the meme stock investor today. The company’s looking to attract more young, millennial, crypto-savvy investors with its policies. It appears PLTR stock still has some cachet in social media circles right now.

Additionally, Palantir’s business model is also attractive to older, more conservative growth investors. The company’s business model relies on big government contracts. The revenue provided from such contracts has proven to be stable and has grown substantially over the years.

Additionally, as big data becomes more of a problem for government agencies, the actionable insights Palantir can provide will become more valuable.

The company has grown its revenue by nearly-50% these past two quarters on a year-over-year business. While Palantir’s losses continue to be massive and the company’s balance sheet leaves something to be desired, it’s the revenue growth number that has long-term growth investors enticed with PLTR stock.

Indeed, if Palantir can grow into its valuation, it could be a great stock here.

Risks certainly do exist with this stock. Personally, I don’t like the company’s fundamentals. Until Palantir is profitable ( or leaning toward being profitable) I’m out. But I can understand why investors may be enticed by PLTR stock right now.

On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.