Palantir Technologies Inc (NYSE:PLTR) shares are in the spotlight on Monday. The stock is hitting new highs on what appears to be continued momentum surrounding its positioning in the AI space.

What To Know: Palantir has been a big beneficiary of the AI boom, but despite rallying more than 55% year-to-date, Palantir stock is still below the highs it set in early 2021.

Palantir has seen increased volumes in recent trading sessions as the AI story begins to tilt toward software. BofA Securities added Palantir to its top 10 best U.S. ideas list for the third quarter last week as the firm sees more room for Palantir shares to run in the near term.

Palantir has been trading on above-average trading volumes in recent sessions and the stock continues to make new 52-week highs. Shares were hitting another 52-week high on Monday at the time of writing. It's also been trending across various social platforms and was among the most mentioned tickers on Stocktwits at last check.

Last quarter, Palantir beat analyst estimates as revenue grew 21% year-over-year and the company turned in its sixth consecutive quarter of GAAP profitability. Palantir guided for second-quarter revenue of $649 million to $653 million and full-year revenue of $2.677 billion to $2.689 billion.

Despite beating estimates and raising its full-year guidance, the stock traded lower. It has since recovered as software and AI continue to be strong themes for the market.

Palantir is not due to report earnings again until early August. The company is expected to report earnings of 8 cents per share on revenue of $679.166 million, according to current estimates from Benzinga Pro.

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.

PLTR Price Action: Palantir shares were up 2.64% at $27.94 at the time of publication, according to Benzinga Pro.

Photo: Cory Doctorow from Flickr.