Palantir Technologies Inc. PLTR shares are trading lower Friday amid broad market declines. The company will report its second-quarter results Monday after the closing bell.  

The Details: Investors are reeling following a volatile week of earnings from big tech companies including Amazon and Intel. Several recent reports, including Friday's jobs report, indicate the U.S. economy may be slowing and the Nasdaq is down nearly 500 points. 

Palantir is set to report its second-quarter results after Monday's closing bell. According to estimates from Benzinga Pro, analysts expect the company to report earnings of 8 cents per share and revenue of $652.141 million for the quarter. 

Read Next: Intel Stock Falls After Weak Q2 Results, New Cost Reduction Plan, 15% Headcount Reduction

Wedbush analyst Dan Ives maintained an Outperform rating and price target of $35 on Palantir's stock ahead of the print. He said investors will be looking for data on the company's AIP pipeline conversions, growth in the commercial sector and acceleration of government contracts. 

"As the AI Revolution goes through to hit the 2nd/3rd/4th derivatives, Palantir is in a prime position to capitalize on this spending wave with AIP front and center to monetize AI demand while continuing to build out use cases across industries," Ives said. 

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 $24.83, representing an expected upside of 2.97%.

Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. Four analysts have bearish recommendations on Palantir Technologies, while three analysts have bullish ratings. The Street high price target from Wedbush is $35, while the Street low from RBC Capital is $9.

PLTR Price Action: According to Benzinga Pro, Palantir shares are down 7.63% at $24.09 at the time of publication Friday.

Read Also:

•  MicroStrategy Reports Q2 Results: Holds 226,331 Bitcoin Worth $8.329 Billion

Image: Shutterstock