What's Going On With Palantir Stock?

Palantir Technologies Inc. PLTR shares hit new 52-week highs last week before pulling back. Despite trending lower over the last few trading sessions, the stock is still up more than 100% over the last three months. Here's a look at what's been driving the action.

What To Know: Palantir's AI exposure has been the main driving force behind the rally in recent months. In May, the company reported better-than-expected quarterly results and guided for continued profitability in each quarter of 2023, noting that it has been seeing strong demand for its new AI platform. 

Later that month, Nvidia turned in a blowout earnings report, influenced heavily by AI chip demand, which added to the excitement around AI stocks.

At the beginning of last week, Palantir shares made new 52-week highs before pulling back later in the week as several tech stocks reacted negatively to quarterly reports from Netflix and Tesla.

The company also announced a partnership with SpectorOps to provide the government sector with SpectorOps' BloodHound Enterprise solution through FedStart last week.

Palantir is set to report second-quarter earnings on Aug. 7. The company is expected to report earnings of five cents per share and revenue of $530.63 million, according to estimates from Benzinga Pro.

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PLTR Price Action: Shares of PLTR were down 0.53% at $16.34 at the time of publication, according to Benzinga Pro.

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