Palantir Technologies Inc PLTR saw its stock dip by 1.40% in pre-market trading on Thursday, following a remarkable surge earlier in the week, according to Benzinga Pro.
The stock reached new all-time highs on Wednesday, driven by strong earnings and market reactions to the 2024 U.S. presidential election results.
The rise in Palantir shares was in line with a broader market rally after Donald Trump secured victory in the presidential race. Investors are speculating on potential policy changes, such as tax cuts and trade tariff adjustments, that could accompany a second Trump term. On Wednesday, the stock closed up 8.61% at $55.53.
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Despite the positive momentum, some analysts express caution regarding the stock’s valuation. Mizuho analysts acknowledged Palantir’s premium valuation due to its strong performance but noted the difficulty in justifying its current stock price.
Palantir’s recent earnings report revealed a six-cent earnings per share, surpassing analyst predictions of four cents. The company also reported $725.52 million in sales, exceeding expectations of $701.13 million, marking a 30% increase from the previous year. The robust sales growth was primarily driven by continued strength in the U.S. market.
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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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