What's Going On With Palantir Technologies Stock Thursday

Palantir Technologies Inc PLTR shares are shooting upwards Thursday after Cathie Wood's Ark Invest on Wednesday added 1.26 million shares to its kitty valued at $13 million.
Thursday's session volume spiked to 84.4 million versus the 100-day average volume of 39.5 million.
The data intelligence software firm posted upbeat quarterly numbers on May 8, reporting first-quarter sales of $525.19 million, up by 17.7% year-on-year, which beat the consensus estimate of $505.60 million.
Palantir's U.S. revenue grew 23% year-over-year. Commercial revenue was up 15%, and government revenue climbed 20%.
The results influenced Jim Cramer to change his mind about the stock driven by its AI stance.
Wall Street analysts bumped their price targets on the stock upon the upbeat results.
The stock has gained close to 16% last week and 78% YTD.
Price Action: PLTR shares traded higher by 11.3% at $11.43 on the last check Thursday.