Palantir shares rise pre-market, now up over 3.25%

Palantir shares rise pre-market, now up over 3.25%

Palantir Technologies Inc. (PLTR) experienced a significant surge in pre-market trading on Monday, with shares rising by over 3.25% [1]. This upward trend follows the company's announcement of its transition from the New York Stock Exchange (NYSE) to the Nasdaq, set to begin on November 26 [1]. The shift to the Nasdaq is part of a broader trend, as the exchange has attracted 16 notable companies this year, including Science Applications International Corp. (SAIC) and Campbell Soup Company (CPB) [1].

Palantir's impressive pre-market performance is not solely attributed to its move to the Nasdaq. The company's fourth-quarter earnings and 2025 outlook have also impressed investors, leading to a 22% pre-market increase on November 22 [2]. According to a report by GuruFocus, Palantir's net income for the fourth quarter increased by 13.7% year-over-year, while its revenue grew by 22.1% [2].

The transition to the Nasdaq and strong earnings come at an opportune time for Palantir. The company's stock value has increased by 288% year-to-date [1], driven partly by its strategic focus on artificial intelligence (AI) [1]. Dan Ives, an analyst at Wedbush Securities, has raised Palantir's price target to $75, reflecting his confidence in the AI software sector's potential [1]. Ives predicts that 2025 will be a pivotal year for AI implementation, which could further boost the software sector's growth [1].

Palantir's ongoing efforts to enhance its AI capabilities position the company well to capitalize on the anticipated AI revolution. The company's focus on AI solutions for government and commercial clients has garnered attention from investors and industry experts alike [1].

References:
[1] Benzinga. Palantir Surges in Monday Pre-Market as Top Tech Bull Raises Price Target to $75 Ahead of Nasdaq Listing. November 22, 2021. https://www.benzinga.com/markets/equities/24/11/42162472/palantir-surges-in-monday-pre-market-as-top-tech-bull-raises-price-target-to-75-ahead-of-nasdaq-listing
[2] GuruFocus. Palantir Technologies (PLTR) Soars 22% Premarket as Q4 Earnings and 2025 Outlook Impress. November 22, 2021. https://www.gurufocus.com/news/2679873/palantir-soars-22-premarket-as-q4-earnings-and-2025-outlook-impress