Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Thursday saw Palantir's share price gain after the company reported its second-quarter earnings.
The company revealed a 49% revenue growth, and customer growth of 13%, with earnings per share coming in at $0.04.
Palantir's shares gained 11.36% on Thursday, closing at $24.89 after initially rising to a high of $25.76 during the session. Cathie Wood's ARK Investment bought around 5.6 million shares of the company during the session.
Since its second-quarter earnings report, some analysts have raised price targets for the stock. Here's what they have had to say…
Jefferies analyst Brent Thill raised Palantir's price target to $30 from $28, keeping a Buy rating after stating that the company reported “impressive” revenue growth. Thill said he continues to expect that Palantir's topline will exceed $4 billion in 2025. The analyst also said that he sees the company “shifting to the next gear on commercial.”
Rishi Jaluria at RBC Capital assumed coverage of Palantir with a Sector Perform rating, setting a price target of $25, up from $20. Jaluria stated that the company's “strong” second-quarter performance was driven by continued strength in the government segment. However, Jaluria does see a “steep valuation” and is concerned with the sustainability of growth at Palantir.
Wolfe Research analyst Alex Zukinalso raised the firm's Palantir price target to $25 from $20, keeping a Peer Perform rating on the shares. Zukinalso said that it was a “solid report” and bookings are “similarly strong.” However, he remains on the sidelines due to the company's valuation and difficulty around growth visibility.
Shares of Palantir are up 0.44% so far on Friday, priced at $25.
Tech stocks offer some of the best growth potential, but time and time again, traders and investors ask us “what are the best tech stocks to buy?” You've probably seen shares of companies such as Amazon and Netflix achieve monumental rises in the past few years, but there are still several tech stocks with room for significant gains. Here is our analysts view on the best tech stocks to buy right now
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .