Palantir Technologies Inc (NYSE:PLTR) experiences wild fluctuations in shares as positive momentum continues post a recent surge. The surge was prompted by favorable remarks from Wedbush analysts, generating excitement among investors.
Wedbush analyst Dan Ives made an impressive entrance by initiating coverage on Palantir last Friday, issuing an Outperform rating along with a $25 price target. In a witty analogy, Ives referred to Palantir as the “Messi of AI,” drawing a parallel to soccer icon Lionel Messi’s surprising move to Major League Soccer’s Inter Miami.
According to Ives’ note to clients, Palantir has constructed an AI fortress that stands unrivaled in the industry, positioning itself as a key player in the forthcoming AI Revolution over the next decade.
Palantir’s momentum was further fueled when the company announced its selection by the Defense Information Systems Agency (DISA) to automate spectrum coordination workflows. This move will enable end-to-end automation, improving coordination between the Department of Defense and commercial spectrum licensees. Miriam Marwick, SVP of emerging technologies at Palantir USG, highlighted the significance of spectrum coordination as radio-frequency spectrum usage continues to grow in both military and commercial domains.
The company has been busy securing various new contracts in recent months, solidifying its presence in the market.
Palantir shares have skyrocketed, registering a remarkable increase of over 160% in the past three months alone. The rally gained momentum in May when the company reported better-than-expected quarterly results and provided positive guidance for continued profitability throughout 2023. Palantir’s new AI platform has been met with strong demand, resulting in an influx of calls. CEO Alex Karp even mentioned in an interview that they received as many calls in one month as they previously received in a whole year.
Investors are eagerly awaiting Palantir’s second-quarter financial results, scheduled to be released on Aug. 7. Expectations are high, as analysts anticipate a reflection of the surging demand for Palantir’s AI offerings. The company’s growth prospects and technological advancements have certainly garnered the attention and excitement of the market.