What's Going On With Palantir Stock?

Palantir Technologies Inc PLTR shares are trading lower Wednesday, adding to losses of more than 10% over the last week. Here's a look at what's been going on.

What Happened: On Monday, Palantir reported second-quarter financial results that were in line with analyst estimates. The company also issued strong guidance and announced a $1 billion buyback.

In a letter to shareholders, CEO Alex Karp said its AI platform has added customers across more than 100 organizations in less than three months. 

"The demand for AIP is unlike anything we have seen in the past 20 years. We are currently in discussions with more than 300 additional enterprises to deploy AIP within their organizations," Karp said. 

Shares traded higher following the print before pulling back. 

On Tuesday, several analysts adjusted price targets on the stock. 

• Raymond James analyst Brian Gesuale maintained Palantir with an Outperform and raised the price target from $18 to $22.
• Wedbush analyst Daniel Ives reiterated Palantir with an Outperform and maintained a $25 price target.
• Mizuho analyst Matthew Broome maintained Palantir with a Neutral and raised the price target from $14 to $16.
• Citigroup analyst Tyler Radke maintained Palantir with a Sell and raised the price target from $6 to $10.
• DA Davidson analyst Gil Luria maintained Palantir with a Neutral and raised the price target from $8.50 to $15.

Wednesday morning, Palantir announced a multi-year partnership with Azule Energy. Palantir said it will use its Foundry platform to help the company manage its current 200,000 barrels of daily oil production and support growth.

See Also: Palantir Dip After Q2 Print Doesn't Deter Cathie Wood As Ark Invest Buys $14M In Shares

PLTR Price Action: Despite losing steam this week, Palantir shares have rallied more than 165% year-to-date. 

The stock was down 1.29% at $16.82 at the time of publication, according to Benzinga Pro.

Photo: Cory Doctorow from Flickr.