After their recent sell-off, AI stocks are attempting to make a recovery. However, in the case of Palantir Technologies (NYSE: PLTR ), said recovery has seemingly already started.
Palantir Technologies Inc (NYSE:PLTR) stock hit a three-year high of $31.20 this morning, before pivoting lower below $30.
Palantir Technologies (PLTR) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.
Palantir is one of the best growth stories on Wall Street. The company should be a big beneficiary of rising geopolitical tensions and rampant government spending.
PLTR stock Q2 results beat consensus, with positive earnings and revenue growth. It also expects positive earnings in each quarter of 2024. These results pave the groundwork for its inclusion in the S&P 500 index as soon as September 2024.
Palantir Technologies Inc. PLTR is riding high on a wave of success, with its stock up an eye-popping 88.45% over the past year and 78.47% year-to-date. As of Monday, Aug. 12, the stock is flirting with the $30 mark and recorded a 52-week high of $31.20.
Palantir's stock has more than quadrupled from its all-time low. Its growth is accelerating again, and its profits are soaring.
Palantir Technologies (NYSE: PLTR) is one of the hottest stocks in the market, capitalizing on the artificial intelligence (AI) boom with a significant rally following solid Q2 2024 earnings results.
Toward the end of 2022, Palantir (NYSE: PLTR ) stock traded at closing lows of $6. With the big recovery coming from Q2 of fiscal year 2023, Palantir stock has surged by 398% from the lows and trades at $30.01.
Palantir Technologies reported better-than-expected growth and raised its full-year guidance, leading to a sharp jump in the stock price. Palantir's improving deal momentum indicates that the company is benefiting from the growing demand for AI software.
Palantir is expensive, but not overvalued. Intrinsic value increases every passing quarter while the core business gets more robust. The company is fairly valued at the time of writing. While year-over-year numbers look amazing due to a weak comparison period, the quarter-over-quarter numbers do not. However, every KPI is showing hints of acceleration. Palantir is exhibiting a masterclass in sales efficiency and is being rewarded in the market for it.
Palantir was able to accelerate its revenue growth yet again. The company's AIP platform continues to help power its growth.