Shares of Palantir Technologies Inc (NASDAQ:PLTR) are trading higher Monday, continuing a recent surge despite a lack of company-specific news for the session. The data analytics firm has seen its stock gain momentum following a series of positive developments and a bullish analyst outlook from last week. Here’s what investors need to know.
What To Know: Last week, Wedbush analyst Daniel Ives reiterated his Outperform rating on Palantir, raising his price target to a Street-high of $160.
Ives cited the company’s strong position to secure significant government contracts, particularly in the AI space, highlighting the potential for growth under the current administration’s initiatives. A recent NATO contract further solidifies Palantir’s expanding footprint in the international defense sector.
The company’s Artificial Intelligence Platform is seen as a major growth driver, with its U.S. commercial revenue jumping 71% year-over-year in the first quarter. Palantir is also expanding its strategic partnerships, recently announcing a collaboration with weather intelligence firm Tomorrow.io to integrate real-time atmospheric data into its platforms.
This string of positive news over the trailing week continues to fuel investor confidence in Palantor’s long-term growth trajectory in both government and commercial markets, pushing the stock upward even on a slow news day for the company.
Analyst Ratings: Recent analyst updates on Palantir show a trend of increasing price targets, even as overall ratings remain mixed. On June 12, Loop Capital reiterated its “Buy” rating, boosting its price target significantly from $130 to $155. The day prior, Mizuho, while maintaining its “Underperform” rating, also raised its price target from $94 to $116.
This follows a series of upward revisions in May from firms like Citigroup, which maintained a “Neutral” rating but lifted its target to $115. The consistent price target hikes across the board, from bullish to bearish analysts, suggest a broad reassessment of the company’s valuation in light of its recent performance and future prospects.
Price Action: According to data from Benzinga Pro, PLTR shares are trading higher by 3.46% to $147.03 Monday afternoon. The stock has a 52-week high of $148.22 and a 52-week low of $21.23.
How To Buy PLTR Stock
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in Palantir Technologies’ case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
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