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With a market cap of $94.8 billion, Palantir Technologies Inc. (PLTR) operates in the software and data analytics industry. It builds and deploys platforms like Palantir Gotham, Foundry, Apollo, and AIP to assist intelligence agencies and organizations in analyzing large datasets and driving operational decision-making. The Denver, Colorado-based company is expected to release its fiscal Q3 earnings results after the market closes on Monday, Nov. 4.
Ahead of this event, analysts expect Palantir Technologies to report a profit of $0.05 per share, up 66.7% from $0.03 per share in the year-ago quarter. The company has surpassed or met Wall Street's bottom-line estimates in two of the last four quarters while missing on two other occasions. In the most recent quarter, PLTR missed the consensus EPS estimate by 25%.
For fiscal 2024, analysts expect PLTR to report EPS of $0.19, up 137.5% from $0.08 in fiscal 2023.
Palantir Technologies has surged 159.3% over the past 52 weeks, significantly outperforming the S&P 500 Index's ($SPX) 36.9% gain and the Technology Select Sector SPDR Fund's (XLK) 38.6% increase over the same period.
Palantir Technologies' stock rallied 10.4% on Aug. 6 primarily due to the company’s impressive Q2 earnings report, which revealed a 27% year-over-year revenue increase to $678 million, surpassing analysts' expectations. The report highlighted record net income and a significant 55% growth in U.S. commercial revenue, attributed to rising demand for its Artificial Intelligence Platform (AIP) and generative AI, with an 83% increase in customer count. Additionally, management raised the full-year revenue guidance to approximately $2.8 billion, enhancing investor confidence.
Overall, analysts' consensus view on Palantir Technologies stock is cautious, with a "Hold" rating. Out of 14 analysts covering the stock, two recommend a "Strong Buy," six suggest a "Hold," one proposes a "Moderate Sell," and the remaining five give a "Strong Sell" rating. This configuration is slightly less bullish than three months ago, with three “Strong Buy” ratings on the stock. As of writing, PLTR is trading above the average analyst price target of $27.14.
On the date of publication, Sohini Mondal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
