Palantir Technologies CEO Alex Karp speaks at the Digital X event in Cologne, Germany, on September 7, 2021.
Andreas Lenz | Getty Images
Palantir Shares of the company continued to soar on Friday, soaring 9% to a new all-time high following news from the military software developer. declare Plans to transfer listing from New York Stock Exchange to Nasdaq.
The stock jumped above $64.50 in afternoon trading, boosting the company’s market value to $147 billion. Palantir’s shares are up more than 50% since the company reported better-than-expected earnings last week, nearly quadrupling in value this year.
Palantir said late Thursday that it expects to begin trading on Nasdaq on November 26 under the current stock symbol “PLTR.” Alexander Moore, partner and board member of venture capital firm 8VC, said in the report that although changing the listing location will not change the company’s fundamentals. Post on X The move could be a win for retail investors as “it will force” billions of dollars in purchases from exchange-traded funds.
“Everything we do is designed to reward and support our retail Diamond Hand followers,” Moore wrote, referring to a term popular among longtime believers in the cryptocurrency community.
Moore then appears to have deleted his X account. His company, 8VC, did not immediately respond to a request for comment.
After the close on Monday, Palantir reported third-quarter profit and revenue that topped expectations and issued a fourth-quarter forecast that also beat Wall Street expectations. Chief Executive Alex Karp wrote in the earnings report that the company “completely failed this quarter” driven by demand for artificial intelligence technology.
U.S. government revenue increased by 40% year-on-year to $320 million, and U.S. commercial revenue increased by 54% year-on-year to $179 million. During the earnings call, the company highlighted a five-year contract to expand its Maven technology to the U.S. military. Palantir was established Mevin In 2017, artificial intelligence tools were provided to the Ministry of Defense.
This post-earnings rally coincides with the period following last week’s presidential election. Palantir is seen as a potential beneficiary given the company’s ties to the Trump campaign. Co-founder and chairman Peter Thiel was a key driver of Donald Trump’s first election victory, although he feuded publicly with Trump in subsequent years.
In June, when asked about his stance on the 2024 election, Thiel said: “If you put a gun to my head, I would vote for Trump.”
Thiel’s Palantir stake has increased in value by about $3.2 billion since the earnings report and by $2 billion since the election.
In September, S&P Global announced that Palantir would be added to the S&P 500 stock index.
Analysts at Argus Research said the rally has pushed the stock too high given current financial conditions and growth forecasts. Analysts still have a long-term buy rating on the stock and said in a report last week that the company’s quarterly performance was “outstanding,” but they downgraded their 12-month rating to hold.
The stock “may be trading beyond what the company’s fundamentals can support,” analysts wrote.
watch: Palantir sets record as defense adopts AI tech
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