Why Palantir Technologies Stock Skyrocketed as Much as 47% This Week
Shares of Palantir Technologies (NYSE: PLTR) charged sharply higher this week, soaring as much as 47.5%, according to data supplied by S&P Global Market Intelligence. By the time the market closed on Friday, the stock was still up 43.2%.
The catalyst that initially sent the data analytics and artificial intelligence (AI) systems pioneer higher was the company's better-than-expected results. However, the stock got an additional boost as Wall Street scrambled to update its models, issuing a slew of new, higher price targets.
For the fourth quarter, Palantir delivered revenue of $608 million, up 20% year over year (and 9% sequentially). The results were driven by robust U.S. commercial revenue, which soared 70%.
Source Fool.com
