What's Going On With Palantir Technologies Stock Today?

Palantir Technologies Inc. PLTR shares are trading higher over 3% on Wednesday. 

Over the last one year, the company’s shares gained 170%, outperforming the S&P 500 index.  

The company’s rating was downgraded to Hold from Buy at HSBC, with a forecast of $22 per share. Per the report, while the firm will gain from embracing AI technologies, its valuation remains high.

Today, the company announced that it has received multiple awards after the company’s decision intelligence platform was evaluated for the Dresner Advisory Services 2023 Technology Innovation Awards.

During the fourth quarter 2023 earnings call conference, the company’s chief technology officer Shyam Sankar, drew a parallel between the company’s current trajectory and Amazon.Com, Inc.’s AMZN Amazon Web Services or AWS phase.

He spoke about the company’s proprietary technology, such as Gotham, Gaia, and MetaConstellation, which is now being commercialized as software infrastructure, including platforms like Apollo. 

Sankar also mentioned that the company’s extended capabilities, which Palantir calls Mission Manager, are uniquely suited to deliver the capabilities that government program managers are asking for. 

During Palantir’s Q4 2023 earnings report, the company reported a 20% year-over-year increase in revenue to $608 million, beating the consensus estimate of $602.41 million. 

Price Action: PLTR shares are trading higher by 3% to $24.74 on the last check Wednesday. 

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