What's Going On With Palantir Stock?

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Palantir Technologies Inc PLTR shares are volatile Thursday. The stock has been trending higher over the last month and reached new 52-week highs this week before pulling back. Here's a look at what's going on.

What To Know: Palantir shares have more than doubled since the start of the year, largely driven by the company's positioning in the artificial intelligence space.

The rally accelerated last month after the company reported better-than-expected quarterly results and guided for continued profitability in each quarter of 2023, noting that it has been seeing strong demand for its new AI platform. 

Palantir held its first ever AIPCon last week. CEO Alex Karp said the company has seen unprecedented demand for its AI products in recent months. To put the demand in perspective, he said Palantir has received as many calls in one month as it previously received in a year.

On Monday, Jefferies raised the price target on Palantir from $10 to $14. The company was also awarded a contract from the US Special Operations Command worth up to $463 million.

On Tuesday, Goldman Sachs raised the price target from $9 to $10. The company also announced the launch of Palantir Foundry for manufacturing on Amazon.com Inc's AMZN Web Services. 

On Wednesday, Palantir announced an agreement with Panasonic Energy of North America in which the company will use Palantir's Foundry platform to integrate edge sensors, introduce automated efficiencies and enable users to leverage connected operations. 

Check This Out: EXCLUSIVE: Top 10 Most-Searched Tickers On Benzinga Pro In May, Including Tesla, C3.ai, Palantir And More

PLTR Price Action: Palantir shares are up approximately 50% over the last month. 

The stock was up 2.45% at $15.05 at the time of writing, according to Benzinga Pro.

Photo:  from Flickr.

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