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Palantir Technologies, Inc. (NYSE:PLTR) shares have gained more than 12% since Friday. Here's a look at what's going on.
What To Know: Palantir's stock soared by 14.08% Monday following Friday's announcement that the stock will join the S&P 500 index.
Alex Karp, CEO of Palantir, celebrated the company's inclusion in the S&P 500 which he referred to as "one of the most important institutions in economic life."
"We structured our company around what you ought to build, not only what you are told to build. It is a momentous occasion, not just for us, but for all our partners who rely on us. The rebels won on Friday. There's no better metaphor for that than joining the S&P 500," Karp told CNBC.
Wedbush analyst Dan Ives viewed Palantir's inclusion as a boost to its profitability and called the move "another validation moment for the Palantir story."
B of A Securities analyst Mariana Perez maintained a Buy rating on the stock and raised the price target from $30 to $50 on Tuesday.
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What Else: Palantir's rise was also fueled by the company’s latest enterprise agreement with BP PLC (NYSE:BP) announced on Monday. The agreement will introduce new artificial intelligence capabilities with Palantir’s AIP software to assist BP to safely and reliably harness large language models (LLMs) to improve and accelerate human decision-making with suggested courses of action based on automated analysis of the underlying data.
Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.
Shares of Palantir Technologies have an average 1-year price target of $27.79, representing an expected downside of 19.95%.
Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. 4 analysts have bearish recommendations on Palantir Technologies, while 5 analysts have bullish ratings. The street high price target from B of A Securities is $50, while the street low from RBC Capital is $9.
PLTR Price Action: According to Benzinga Pro, Palantir shares are down 0.2% at $34.53 at the time of publication Tuesday.
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