Palantir (PLTR) Stock Hits New Highs Fueled by AI

Palantir (PLTR) Stock Hits New Highs Fueled by AI
Palantir (PLTR) Stock Hits New Highs Fueled by AI

3 min read

The actions of Palantir Technologies Inc (NYSE:PLTR) is in the spotlight this Monday. The stock is hitting new highs on what appears to be continued momentum around its positioning in the AI ​​space.

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What you have to know

Palantir has been a big beneficiary of the AI ​​boom, but despite being up more than 55% since the beginning of the year, Palantir’s stock value remains below the highs it hit in early 2021.

Palantir has seen increased volume in the stock over the past few sessions as the AI ​​story begins to lean toward software. Last week, BofA Securities added Palantir to its list of the top 10 U.S. stock investment ideas for the third quarter as the firm sees more chances for Palantir stock to rise in the near term.

Palantir has been trading on above-average trading volumes in recent sessions and the stock continues to hit new 52-week highs. Palantir stock hit a new 52-week high on Monday at the time of writing. It has also been trending on various social media platforms and was one of the most mentioned tickers on Stocktwits in the last update.

Last quarter, Palantir beat analyst estimates as revenue grew 21% year over year and the company posted its sixth consecutive quarter of GAAP profitability. Palantir forecast second-quarter revenue of $649 million to $653 million and full-year revenue of $2.677 billion to $2.689 billion.

Despite beating estimates and raising its full-year outlook, the stock fell. It has since recovered ground as software and AI remain strong trends for the market.

Palantir is not scheduled to report earnings results again until early August. The company expects to report earnings of 8 cents per share on revenue of $679.166 billion, according to current estimates from Benzinga Pro.

You can also read: Taiwan Semiconductor (TSM) shares rise on analyst optimism

How to buy PLTR shares

In addition to going to a brokerage platform to buy a share (or fraction of a share), you can also access shares by purchasing an exchange-traded fund (ETF) that holds the company’s stock.

For example, in the case of Palantir Technologies, it is within the information technology sector. An ETF will likely hold shares in many large, liquid companies that help track that sector, allowing an investor to gain exposure to trends within that segment.

Palantir stock price

Palantir shares were up 2.64% at $27.94 at press time, according to Benzinga Pro.

Photo: Cory Doctorow on Flickr.

You can also read: Grifols could be delisted after CNMV suspension

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