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Analyst who correctly forecast Palantir's stock rally updates outlook
By: The Street | March 29, 2024
The artificial intelligence boom has helped many tech stocks, including Palantir Technologies, produce market-beating returns.
While the S&P 500's 10% first-quarter return is nothing to sneeze at, Palantir shares surged 34%. Its shares also substantially outperformed the benchmark index over the past year, returning 172% since March 2023. Meanwhile, the S&P 500 is up about 29%.
Those extraordinary gains likely surprised many investors who were concerned that the Peter Thiel-founded company would struggle because the possible recession and congressional wrangling over the debt ceiling would dent demand.
However, where others saw risk, TheStreet Pro's Stephen Guilfoyle saw an opportunity. He bought shares when they were trading below $10 in April 2023, allowing him to profit handsomely from surging optimism over AI spending.
Given Palantir's shares rocket-ship ride higher and a current price near $23, Guilfoyle has updated his analysis and stock price target.
Palantir's demand driven by AI wave
Guilfoyle's purchase of Palantir stock last year was based on its strong, debt-free balance sheet, improving free cash flow, and a clearer pathway to profit growth.
The highly successful launch of OpenAI's ChatGPT in December 2022 has proven to be a boon for the company, making Guilfoyle's prediction prescient.
Interest in using AI to digest, interpret, and create new insights from siloed data has swelled across most industries, resulting in the most rapid research and development since the Internet Age in the 1990s.
Banks are using AI programs to hedge risks, evaluate loans, and price products. Drugmakers are exploring its use in predicting drug targets and clinical trial outcomes. Manufacturers are evaluating if it can boost production and quality. AI may also help retailers forecast demand, manage inventories, and curb theft.
AI's widespread applications seem boundless, which has led many companies and governments to turn to Palantir's deep expertise in managing and protecting data for help in training and running new AI apps.
Palantir's (PLTR) roots stretch back to helping the U.S. government design systems for counter-terrorism. Its Gotham platform continues to assist governments in those efforts today. It also offers solutions that manage, interpret, and report data across enterprise and cloud networks to large companies too.
Its deep data experience positioned it perfectly to help customers design large language models and other AI solutions using its AI platform (AIP).
"The demand for [Artificial Intelligence Platform] AIP is unlike anything we have seen in the past twenty years," said CEO Alan Karp last summer. "We are currently in discussions with more than three hundred additional enterprises to deploy AIP within their organizations, all of which are searching for an effective and secure means of adapting the latest large language models for use on their internal systems and proprietary data."
Karp's optimism appears to have been well-placed. Palantir's year-over-year sales growth has exceeded 20% in each of the past three quarters, and its earnings per share growth in each of those quarters has been in the double-digit percentages.
Revenue totaled $736 million and earnings per share were 9 cents in the fourth quarter, up 21% and 16% from the previous year.
Wall Street analysts think Palantir's profit growth will continue. The consensus analyst estimate for earnings in 2024 and 2024 is 33 cents and 39 cents, respectively, an increase of 34% and 17%.
Palantir pause may set up another opportunity
Initially, Guilfoyle's Palantir stock price target was $12. However, he bumped that target to $18 last June, $20 last July, and $22 last August.
Shares eclipsed $22 in February, reaching a high of $27.5 in early March. Since then, they've retreated about 16% to $23.
Guilfoyle thinks Palantir's pullback may be creating another upside opportunity for investors.
"Palantir is on sale and I'm buying for future generations," wrote Guilfoyle recently. "Palantir remains a top-15 long-side allocation for me."
The biggest knock against Palantir is its valuation.
The company's shares aren't cheap by most metrics and boast a sky-high price-to-earnings (P/E) ratio, a fact that Guilfoyle concedes.
"The stock trades at 74 times forward-looking earnings (probably a little less now), 25 times sales, and 15 times book," said Guilfoyle.
Tech stocks are known for trading at higher valuations because of their faster growth rates. Still, Palantir's P/E is significantly higher than that of many companies in the sector. For example, Nvidia and Advanced Micro Devices, two other AI stock beneficiaries, have forward P/E ratios of 38 and 56.
Nevertheless, Guilfoyle thinks Palantir's got enough going right for it to deserve a premium valuation. In his words, it has a "fortress-like balance sheet" and substantial operating cash flow.
Operating cash flow exceeded $700 million in the past 12 months, and its current ratio, a measure of its ability to pay short-term liabilities with short-term assets, is 5.5, giving it plenty of financial firepower to take advantage of the AI opportunity.
Guilfoyle believes shares will trade higher since the AI spending trend appears to have multi-year legs. His price target is $27.
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If you look at the longer term monthly chart, you will see that we are setting on support at $23 and once we break $27, $35 is the next resistance level. The GSA contract will allow additional Government agencies to use their service.
Analyst Pumps the Brakes on Gen-AI Stock Palantir Technologies (PLTR)
By: Schaeffer's Investment Research | March 28, 2024
• Monness Crespi Hardt did not mince words in its downgrade of the AI stock
• PLTR remains up 40% in 2024 and 198% year-over-year
Palantir Technologies Inc (NYSE:PLTR) is down 3.7% to trade at $23.65 today, after Monness Crespi Hardt downgraded the software stock to "sell" from "neutral." The analyst in coverage did not mince words about the Peter Thiel-backed tech company, calling out its 'egregiously rich valuation' and despite a “meteoric rise on the Gen AI rocket, now it’s time to return to reality." The brokerage did wax bullish on Palantir's long-term artificial intelligence (AI) uptrend, though.
The shares are now testing their 40-day moving average, a trendline that flipped to support after a massive 30.8% post-earnings bull gap on Feb. 6. Despite the breather today, PLTR is 40% higher in 2024 and scored a more than two-year high of $27.50 on March 7.
It's no surprise then, that calls rule the roost. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the security's 50-day call/put volume ratio of 2.78 ranks higher than 74% of readings from the past year.
Now may be an ideal time to weigh in on the stock's next move with options. This is per PLTR's Schaeffer's Volatility Index (SVI) of 45%, which stands in the 1st percentile of readings from the last 12 months. In other words, the market is pricing in low volatility expectations for the equity right now.
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$PLTR Co-Founder of Palantir Peter Thiel sold nearly $175M in shares yesterday, his first transaction in over a year
By: TrendSpider | March 13, 2024
• $PLTR Co-Founder of Palantir Peter Thiel sold nearly $175M in shares yesterday, his first transaction in over a year.
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"The Palantir rally isn’t new at all. Big Money buying in the shares is signaling to take notice. Given the historical gains in share price and strong fundamentals, this stock could be worth a spot in a diversified portfolio."
Some less discerning minds see it as being more "pump". What you see is what you get...
C'est La Vie.
GLTA
Cathie Wood & Ark Invest's Buys 19,749 Shares of Palantir Technologies Inc. (PLTR)
By: Ark Invest Daily | March 7, 2024
• Cathie Wood and Ark Invest's trade activity from today 3/7.
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The US government admits without openly admitting it, like Biden’s speech tonight, that it has to rely on public trade and private corporations to do its dirty work
PLTR new 52 week hi
Palantir Stock | One Big Reason They Keep Surging
By: Lucas Downey | March 7, 2024
• Palantir Technologies (PLTR) has crushed markets, soaring 52% in 2024. One easily missed reason for the climb is how it’s attracting Big Money activity.
Palantir Stock is Soaring As Volume Rips
Institutional volumes reveal plenty. For 1-year, PLTR has enjoyed heavy Big Money buying, which we believe to be institutional accumulation.
Each green bar signals unusually large volumes in PLTR shares, pushing the stock higher:
Source: www.mapsignals.com
Plenty of industrial names are under accumulation right now. But when you dive into the fundamentals, there’s a powerful tailwind going on with Palantir.
Palantir Fundamental Analysis
Institutional support coupled with a healthy fundamental backdrop makes this company worth investigating. As you can see, PLTR has had positive sales & EPS growth in recent years:
• 3-year sales growth rate (+27.2%)
• 3-year EPS growth rate (+45.8%)
Source: FactSet
EPS is estimated to ramp higher this year by +20.3%.
Now it makes sense why the stock has been powering to new heights. Palantir is gaining due to the forward earnings picture.
Marrying great fundamentals with our proprietary software has found some big winning stocks over the long-term.
Palantir has recently been a top-rated stock at MAPsignals. That means the stock has unusual buy pressure and growing fundamentals. We have a ranking process that showcases stocks like this on a weekly basis.
It’s made the rare Top 20 report only twice. The blue bars below shows when PLTR was a top pick…cutting through the noise.
Source: www.mapsignals.cm
Tracking unusual volumes reveals the power of money flows.
This is a trait that most outlier stocks exhibit…the superstars. Money flows often reveal tomorrow’s leaders…today.
Palantir Price Prediction
The Palantir rally isn’t new at all. Big Money buying in the shares is signaling to take notice. Given the historical gains in share price and strong fundamentals, this stock could be worth a spot in a diversified portfolio.
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PLTR share price ASCENDING TRIPLE TOP BREAKOUT today on 6-March-2024. GLTA
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Palantir (PLTR) Stock Pops on Major Military Contract
By: Schaeffer's Investment Research | March 6, 2024
• Palantir and the U.S. Army inked a $178.4 million dollar deal
• A shift in sentiment is sure to boost the shares
Shares of Palantir Technologies Inc (NYSE:PLTR) are 9.4% higher before the bell following a multi-million dollar contract. Specifically, Palantir inked a $178.4 million deal with the U.S. Army to develop 10 artificial intelligence (AI)-powered ground stations for the Tactical Intelligence Targeting Access Node, or TITAN, project.
With all the hype surrounded artificial intelligence (AI) developments, PLTR has soared up the charts and is today looking to open at its highest level since November 2021. Coming into today, the shares were already 38.7% higher for 2024 and boasted a 187.6% year-over-year lead.
The majority of covering brokerages firms are hesitant, with 11 of 14 rating Palantir Technologies stock a tepid "hold" or worse, while two recommend a "buy" or better. In addition, the current 12-month consensus target price is $18.71 -- a 28% discount to last night's close. This leaves ample room for analysts to change their tune.
Now may be an ideal time to weigh in on Palantir Technologies stock's next move with options. This is per PLTR's Schaeffer's Volatility Index (SVI) of 58% stands in the relatively low 18th percentile of readings from the last 12 months. This means the options market is pricing in low volatility expectations for the equity right now.
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Cathie Wood & Ark Invest's Buys 79,090 Shares of Palantir Technologies Inc. (PLTR)
By: Ark Invest Daily | March 6, 2024
• Cathie Wood and Ark Invest's trade activity from today 3/5.
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