What's Going On With Palantir Stock Today?

Palantir Technologies, Inc. PLTR shares are trading slightly higher Thursday. Well-known tech analyst Dan Ives raised his price target on Palantir Wednesday.

 The Details:

In a note published late Wednesday, Wedbush analyst Dan Ives maintained an Outperform rating on Palantir and lifted the price target for the stock from $38 to $45. Ives credited Palantir's boot camp strategy with the recent growth in the size and number of contracts for the company's AIP platform. 

"In a nutshell, PLTR is firing on all cylinders around AIP and we believe this is a paradigm (and valuation) changer for the Messi of AI heading into 2025," Ives wrote. 

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Recent notable catalysts for Palantir include a $100 million contract that broadens Maven Smart System access across military branches, including the Army, Air Force, Space Force, Navy, and U.S. Marine Corps and its inclusion in the S&P 500 index. 

According to data from Benzinga Pro, Palantir shares have gained more than 115% year-to-date and are trading well-above the stock’s 50-day moving average of $30.70. 

PLTR Stock Prediction 2024:

Palantir Technologies’ revenue growth in FY23 was 16.75%, reflecting the influence of various factors including the macroeconomic environment, demand for its products and services, and its position relative to competitors. This growth is a critical indicator for investors assessing the company’s future prospects.

Some macro factors that could impact the company's performance in the next year include higher interest rates, progress on reeling in inflation and labor market strength. The Fed's benchmark rate is currently at 4.83%, while PPI recently came in at 0.2%, growing 1.7% from last year. The unemployment rate was most recently reported as 4.2%.

An investor should pay attention to economic conditions to decide whether they think the macro environment is positive or negative for Palantir Technologies stock. For real time economic data and breaking market updates, check out Benzinga Pro. Try it for free.

How does this stack up against Palantir Technologies's peers?

Investors may also want to analyze a stock in comparison to companies with similar products or in similar industries. Palantir Technologies operates in the Information Technology sector. The stock has experienced average annual growth of 10.37% compared to the 6.99% average of its peer companies. This is below the broader sector movement of Palantir Technologies.

PLTR Price Action: According to Benzinga Pro, Palantir Technologies shares are up 0.20% at $37.17 at the time of publication Thursday.

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