Palantir Technologies (PLTR) is a software company focused on developing platforms for big data, serving both government and commercial clients. Its platform list includes Gotham, Apollo, Foundry, and its Artificial Intelligence Platform (AIP). 

About Palantir Stock

Palantir is one of those stocks that just keeps buzzing, with shares up nearly 54% in the year to date. Palantir’s stock is riding upward momentum at present, gaining 31% in the last month and nearly 100% in the last six months. The stock has performed incredibly well over the years, as seen by its 465% increase in 52 weeks’ time and 1,125% gain in the last two years.

Palantir Slides on Q1 Results

Palantir reported its first-quarter results earlier this month, leading to a 12.1% dip on May 6. The company posted an adjsusted profit of $0.13 per share, in line with estimates. Revenue of $884 million outpaced analysts’ $862 million estimate.

Palantir’s U.S. commercial segment grew 71% year-over-year while seeing a massive 65% jump in customers. The AI company closed a total of 139 deals worth at least $1 million and its remaining performance obligation (RPO) was $1.9 billion, up 46% year-over-year.

For the ongoing Q2, management has set revenue guidance between $934 million and $938 million with adjusted income from operations anticipated at $401 million and $405 million. As for the full year, management hiked its previous guidance with revenue now anticipated between $3.89 billion to $3.902 billion and adjusted operating income between $1.71 billion and $1.723 billion.

Palantir Partners with Elon Musk

Also earlier this month, Palantir announced it would partner with Elon Musk’s AI company xAI and investment company TWG Global. The move is aimed at addressing the growing demand for artificial intelligence solutions in the financial sector.

The move follows a joint venture that TWG and Palantir announced in March toward AI deployment in the financial and insurance industries. 

The deal will integrate xAI’s models such as Grok and its Colossus supercomputer into operations. The three companies anticipate “many more partners.”

Analyst Takes on PLTR Stock 

Analysts aren’t very pleased with the AI stock, despite its share-price performance and partnership successes. Wall Street has a consensus “Hold” rating on shares with a mean price target of $ 91.11, well below its current trading price. 

At present, 20 analysts have covered the stock with three analysts giving “Strong Buy” ratings, 12 “Hold” ratings, one “Moderate Sell” rating, and four “Strong Sell” ratings.