Palantir Technologies' Stock Reaches New 52-Week High: What's Going On

Palantir Technologies Inc. PLTR shares are trading higher Friday, hitting a new 52-week high. Here’s what you need to know.

What To Know: Palantir’s 50-day moving average price is $36.60 and its 200-day moving average price is $28.62. The stock has experienced significant growth in 2024, up 162.73% year-to-date, with a market cap of $100.69 billion.

On Wednesday, the company announced a strategic partnership with L3Harris Technologies Inc. LHX to combine Palantir's Artificial Intelligence Platform with L3Harris' sensor and software-defined systems. The collaboration aims to support U.S. Army programs and expand capabilities in AI-driven defense technology, enhancing situational awareness and target identification.

This partnership was at the heels of L3Harris Technologies third-quarter financial results reported on Thursday after the market closed. The company reported revenue of $5.3 billion, surpassing the consensus estimate of $5.28 billion and EPS of $3.34, beating analyst predictions of $3.26 per share.

What Else: Palantir last reported quarterly earnings on August 5, showing revenue of $678.13 million, a 27.2% increase year-over-year. The company is set to report its third-quarter earnings on November 4, 2024.

PLTR Price Action: Palantir shares were up by 3.13% at $44.92 at the time of writing, according to Benzinga Pro.

See Also:

• Why Lilium (LILM) Stock Is Getting Hammered

Image via Shutterstock.