Palantir Technologies Inc (PLTR)

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Palantir Technologies (PLTR) Stock Soars After AI Demand Boosts Revenue
By: Schaeffer's Investment Research | February 6, 2024

• Revenue increased 20% in the fouth quarter

• The company posted an upbeat 2024 forecast as well

Palantir Technologies Inc (NYSE:PLTR) stock is soaring after earnings today. The software company, known for defense work, reported much better-than-expected fourth-quarter revenue and an upbeat 2024 forecast thanks to strong demand for its artificial intelligence (AI) offerings. Revenue increased 20% to $608.4 million, while profits of 8 cents per share came in line with analyst estimates.

At last glance, PLTR was up 25.2% at $20.93, earlier as high as $21.18. This pop has the stock trading at its highest levels since November, and nearing its Nov. 21 two-year high of $21.85. Over the last 12 months, the equity is up 157.6%.

No fewer than seven analysts lifted their price targets after the news, with the highest from Wedbush to $30 from $25. No upgrades yet, though there's plenty of room for optimism, as 11 of the 14 analysts in coverage carry a "hold" or worse rating.

Call traders are blasting Palantir Technologies stock today, with 878,000 calls exchanged so far in comparison to 259,000 puts. Overall options volume has already hit 4.2 times the average daily options volume this morning, with the most activity at the weekly 2/9 21-strike, where new positions are being opened.

Call volume has been higher than usual leading up to today, too. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), PLTR's 50-day call/put volume ratio of 3.76 ranks higher than 96% of readings from the past year.

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