Palantir Stock Continues To Climb: What's Going On?

Palantir Technologies Inc PLTR shares are rising again Wednesday after rallying more than 30% on Tuesday. Here’s a look at what’s going on.

What To Know: Palantir shares appear to be moving on continued momentum following the company’s better-than-expected quarterly results in which the company highlighted strong demand for its AI platforms.

Palantir's said fourth-quarter revenue increased 20% year-over-year to $608 million, which beat the consensus estimate of $602.41 million, according to Benzinga Pro. The company’s earnings numbers were in line with analyst estimates.

"Our results reflect both the strength of our software and the surging demand that we are seeing across industries and sectors for artificial intelligence platforms," CEO Alex Karp said in a letter to shareholders.

"The demand for large language models from commercial institutions in the United States continues to be unrelenting."

Palantir said commercial revenue grew 32% year-over-year in the fourth quarter, driven by a 70% year-over-year increase in U.S. commercial revenue. The company guided for continued revenue growth and noted that it anticipates GAAP net income in each quarter of 2024.

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Several analysts also released positive updates on Palantir on Tuesday, which has helped drive continued momentum in the name.

Jefferies and Citigroup both upgraded Palantir and Raymond James, Wedbush and Mizuho all raised price targets on the stock ranging from $18 to $30 per share.

Read Next: Jim Cramer Calls Palantir A ‘Buy, Buy, Buy’

PLTR Price Action: Palantir shares were up 7.13% at $23.43 at the time of publication, according to Benzinga Pro.

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