Palantir Stock Price (PLTR) Within Touching Distance of Highs After Strong Sept

Palantir's stock (NASDAQ: PLTR) is once again within striking distance of its previous highs, propelled by a 20.76% gain over the past month. This resurgence follows a period of pullback from August's peak, but positive technical indicators suggest a continuing bullish trend.

The stock ended the penultimate session of the week with gains of 1.14%, making an intra-day high of $188.20, just $1 shy of highs. This upward momentum is supported by a Moving Average Convergence Divergence (MACD) crossover and a golden cross formation on the 4-hour chart, observed in mid-September. This technical alignment often signals the beginning of a sustained bullish phase. It is not a huge surprise to see positive signals on the PLTR chart, with Palantir’s stock having gained 148.77% YTD.

Several recent developments have contributed to the positive market sentiment surrounding Palantir. A significant strategic partnership with Boeing Defense, Space & Security (BDS) was announced on September 17. This collaboration will see Palantir's Foundry platform integrated across BDS operations, aiming to streamline the production of military aircraft, satellites, and weapons systems. Palantir will also provide its expertise in artificial intelligence for classified military projects, supporting critical missions and enhancing production capabilities.

Further bolstering investor confidence, Palantir achieved the Cybersecurity Maturity Model Certification (CMMC) Level 2 on September 10. This certification validates the company's ability to handle Controlled Unclassified Information (CUI) for U.S. Department of Defense contracts, adding to Palantir's existing security credentials, including FedRAMP High and DoD Impact Levels 5 and 6 accreditations. This achievement is particularly important as it opens doors to more lucrative government contracts.

Financial performance has also played a key role in the stock's recent rally. In late September, Bank of America raised its price target for Palantir to $215, following a record $1 billion quarterly revenue report. The company reported a 48% year-over-year revenue growth, with operating income increasing by 83% to $464 million and free cash flow tripling to $569 million. The full-year revenue guidance was also raised to between $4.1 billion and $4.2 billion, signalling strong future prospects.