Palantir Technologies Inc. (NYSE:PLTR) shares hit new all-time highs on Wednesday, continuing to surge on the back of strong earnings to start the week. Here's what you need to know.
What To Know: Palantir stock has been on a tear this week, gaining nearly 25% over the past five sessions. The stock jumped about 12% late Monday after the company reported better-than-expected financial results for the third quarter.
Palantir reported earnings per share of six cents, beating analyst estimates of four cents. The company reported sales of $725.52 million, beating analyst estimates of $701.13 million and representing a 30% year-over-year climb. Strong sales results were driven by continued strength in the U.S.
Customer count grew 39% year-over-year and 6% on a quarter-over-quarter basis. The company said it closed 104 deals worth over $1 million during the quarter.
"We absolutely eviscerated this quarter, driven by unrelenting AI demand that won't slow down," CEO Alex Karp said in the earnings release.
Don't Miss: Palantir Q3 Earnings: Revenue Beat, EPS Beat, Customers Up 39%, Guidance Raise — Results Driven By 'Unrelenting AI Demand That Won't Slow Down'
Palantir shares continued to move higher on Tuesday amid several positive analysts updates in response to earnings. Northland Capital Markets analyst Michael Latimore maintained a Market Perform rating on Palantir and raised the price target from $35 to $38. Mizuho raised its price target from $30 to $37 and DA Davidson lifted its target from $28 to $47.
Wedbush analyst Dan Ives maintained an Outperform rating on the stock and raised his price target from $45 to $57, citing "robust" quarterly results featuring "beats across the board" and a continued acceleration of deal momentum related to the company's AI platform.
Palantir shares jumped at the open again on Wednesday, hitting new all-time highs as broader markets soared after Donald Trump won the 2024 U.S. presidential election. Markets may be reacting to potential shifts in policy that could come with a second Trump presidency, including tax cuts and changes to trade tariffs.
PLTR Price Action: At the time of publication, Palantir stock is up 5.26% at $54.02, according to data from Benzinga Pro.
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