Palantir Technologies (ticker: PLTR) has experienced a remarkable upward trajectory in its stock following a month of positive news. As of Friday afternoon, the stock had risen over 3% to $20.48, reaching its highest close since November 2021 according to Dow Jones Market Data.
In November alone, shares have climbed an impressive 38% after the company reported better-than-expected third-quarter financial results on November 2. Palantir’s expansion into artificial intelligence-powered analytics applications has been a significant driver of this success.
Since going public in 2020, Palantir’s stock has surged by 217% year-to-date, putting it on track for its best year in history.
According to Wedbush analyst Dan Ives, the positive impact of AI monetization on the tech sector has been a recurring theme during this tech earnings season. He highlighted Palantir, along with Microsoft and Datadog, as companies delivering robust results.
Aside from strong financial performance, other factors have also contributed to the rise of Palantir’s shares this year. The company secured a $463 million multiyear contract to provide technology to the U.S. Special Operations Command and announced a $1 billion share repurchase program.
Ives rates Palantir as Outperform with a price target of $25. He considers Palantir one of his favorite tech names and suggests that the macro story of AI is overshadowing the most significant technology revolution of the last 30 years—a ‘1995 Moment’.
Analysts, however, hold mixed opinions about Palantir stock. Out of the 20 analysts surveyed by FactsSet, six rate it as a Buy, seven rate it as a Sell, and seven say it is a Hold.