Palantir stock surges 4x in 2024 on AI, government contracts, and strong financials.

From Nasdaq: 2024-11-27 23:47:09

Palantir Technologies stock (NASDAQ: PLTR) has surged nearly 4x this year to $66, driven by AI investment themes, U.S. government contracts, a potentially favorable political environment, and technical factors. The company’s financials are strong, with Q3 revenue up 30% YoY to $726 million, net income doubling to $143.5 million, and a raised FY’24 guidance. Palantir also has a Rule of 40 score of 68%.

Investors view Palantir as a “Trump trade” due to potential federal spending increases under a Republican administration. The company’s recent move to the Nasdaq, inclusion in the S&P 500 index, and rating upgrades have also boosted its stock. However, with insider selling on the rise, high valuation multiples, and inflation risks looming, there are concerns about Palantir’s future performance.



Read more at Nasdaq: What’s Driving Palantir Stock’s Rally?