Palantir Technologies Inc (NYSE:PLTR) shares climbed 10% over the last week as the stock continues to make new 52-week highs.
What To Know: Palantir shares traded below the $21 level near the start of the month as broader markets sold off, but the stock began moving higher after the company reported better-than-expected financial results for the second quarter and raised guidance.
Palantir’s total revenue was up 27% year-over-year, driven by a 55% year-over-year increase in U.S. commercial revenue. The company’s customer count grew 41% year-over-year and 7% on a quarter-over-quarter basis.
The momentum continued in the days following the print as several analysts lifted price targets on the AI data stock. Palantir shares then hit new 52-week highs on the back of multiple new deals, which kept the momentum rolling.
Palantir recently announced a partnership with Wendy’s Quality Supply Chain Co-op (QSCC) to accelerate digital transformation, AI adoption and operational decision making.
Palantir also announced an advancement of its partnership with Microsoft Corp (NASDAQ:MSFT) that will allow the two companies to bring some of the most sophisticated and secure cloud, AI and analytics capabilities to the U.S. Defense and Intelligence Community.
Palantir and Microsoft will offer an integrated suite of technology, allowing national security agencies to operationalize Microsoft’s Large Language Models (LLMs) via Azure OpenAI Service within Palantir’s AIP in Microsoft’s government and classified cloud environments.
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On Monday, LifeWallet announced new subscription licensing through its partnership with Palantir. The company will utilize the Palantir Foundry platform for the development of a sophisticated data analytics system that captures and manages healthcare data.
It’s worth noting that Palantir stock has been trending across various social sites as the stock continues to rally. In a recent poll of Benzinga readers, Palantir was picked over four other non-Mag 7 AI stocks as the most likely company to outperform over the coming year. Palantir also showed up on Benzinga’s “Stock Whisper” Index last week.
PLTR Price Action: Palantir shares were hovering around 52-week highs at last check, trading roughly flat at $32.01 at the time of publication, according to Benzinga Pro.
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