Palantir Stock Is Hitting New 52-Week Highs: What's Going On?

Palantir Technologies Inc PLTR shares reached new 52-week highs Tuesday. The rally comes on the heels of purchases from Ark Invest's Cathie Wood. 

What To Know: Wood has been buying Palantir shares since the company reported better-than-expected quarterly results earlier this month. The data software company guided for continued profitability in each quarter of 2023 and noted that it has seen strong demand for its new AI platform. 

Ark Invest has bought more than 6 million shares of Palantir since May 10. On Monday, the firm added 339,570 shares total across three of its ETFs, including its flagship fund, ARK Innovation ETF ARKK.

Related Link: Cathie Wood's ARK Laps Up $4M Of Palantir Stock As Rally Extends On AI Wave

Palantir shares have more than doubled since the start of the year, largely driven by the company's positioning in the artificial intelligence space. 

Tuesday morning, Palantir said retail fashion chain C&A Modas is developing an integrated management flow system using the Palantir's Foundry platform. 

"We are the first Brazilian fashion retail brand to rely on this artificial intelligence technology. The flow developed allowed us to optimize and speed up the entire purchase process: from the initial planning, to sending the products to the stores. Among the significant gains, I'd highlight the increase of sales of products that were in stock and the reduction of unnecessary overstock," said Bruno Ferreira, planning and business intelligence director for C&A Brazil.

PLTR Price Action: Before Tuesday, Palantir had a 52-week high of $12.41.

Palantir shares were up 10.5% at $13.09 at the time of writing, per Benzinga Pro.

Photo: Cory Doctorow from Flickr.