What's Going On With Palantir Stock Ahead Of Earnings?

Palantir Technologies Inc. PLTR shares are trading higher Friday, though the stock is down 3% year-to-date. Here’s a look at what’s going on.

The Details:

Palantir is set to release its fourth-quarter and fiscal year 2023 financial results after the market close on Monday and will host a webcast to discuss the results at 5:00 p.m. ET the same day. According to estimates from Benzinga Pro, Palantir is expected to report fourth-quarter earnings of 8 cents per share and quarterly revenue of $602.4 million.

Palantir announced a 3-year partnership with Coles Supermarkets Australia Pty Ltd on Thursday in which Palantir platforms, including the Artificial Intelligence Platform (AIP), will be leveraged across Coles Supermarkets’ operations to better understand and address workforce-related spend.

“Our partnership with Coles – an iconic Australian retailer – demonstrates the strength of our Australian commercial business and continues our growth in the retail industry globally,” said Ashwin Rajan, Head of Commercial for Australia at Palantir.

Last week, Palantir announced a partnership with government IT solutions provider Carahsoft Canada, in which Carahsoft Canada will be the sole distributor of the Palantir platform under the Government of Canada's software licensing supply arrangement.

Palantir shares gained more than 85% in 2023, with a slight dip at the end of last year possibly due, in part, to some profit-taking and consolidation.

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PLTR Stock Prediction 2024

Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.

Shares of Palantir Technologies have an average 1-year price target of $7.67, representing an expected downside of 53.96%.

Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. 3 analysts have bearish recommendations on Palantir Technologies, while no analysts have bullish ratings. The street high price target from Jefferies is $13 while the street low from RBC Capital is $5.

PLTR Price Action: According to Benzinga Pro, Palantir Technologies shares are up 1.9% at $16.64 at the time of publication.

Image: Gerd Altmann from Pixabay