Palantir Rises Premarket Today As Stock Closes In On $200 Psychological Threshold: What’s Driving The Gains

• The Polish defense ministry is on the cusp of signing a letter of intent with Palantir.
• Palantir stock trades just shy of its all-time intraday high of $190, set on Aug. 12. 
• The company is scheduled to report its third-quarter results after the market closes on Nov. 3. 
   

Artificial intelligence (AI)-powered data analytics software provider Palantir Technologies’ (PLTR) share rose over 1.50% in Monday’s early premarket session, riding on the news of a potential new contract award.

Palantir stock trades just shy of its all-time intraday high of $190, set on Aug. 12. It has been rising over the past two sessions. 

Palanatir’s Polish Windfall

In a statement released on Sunday, the Polish Ministry of National Defense said at 12 noon local time (7 a.m. ET), that Deputy Prime Minister and Minister of National Defense Władysław Kosiniak-Kamysz will sign a letter of intent between the ministry and Palantir. The signing will be done at the Military Center for Civic Education in Warsaw.

Media statements regarding the agreement would be released subsequently.

A Bloomberg report stated that Poland is the NATO member state with the highest share of defense spending as a proportion of total gross domestic product (GDP), with expenditures rising after the Russia-Ukraine war, which began in February 2022.

Palantir’s Government Business On The Rise

According to data provided by Fiscal.ai, Palantir’s trailing-twelve-month government revenue was $1.9 billion, accounting for roughly 55% of the total revenue. The company derived 77% of its total government revenue from the U.S., with international government revenue accounting for only 23%.

Source: Fiscal.ai

Palantir has an ongoing partnership with NATO, a political and military alliance comprising the U.S., Canada, and several Western European nations to provide collective security and deter aggression. In March, the NATO Communications and Information Agency (NCIA) and Palantir finalized the acquisition of the Palantir Maven Smart System NATO (MSS NATO) for advancing the alliance’s warfighting capabilities.

What Retail's Feeling About Palantir Stock

On Stocktwits, retail sentiment toward Palantir stock remained ‘bullish’ by early Monday, and the message volume stayed ‘normal.’

A bullish user positioned for a move to $200, banking on price target hikes by analysts.

Another user said CEO Alex Karp wasn’t merely talking but delivering, referring to his Fox News interview on Friday after Palantir announced a multi-year, multi-billion-dollar partnership with networking company Lumen Technologies (LUMN) to help enterprises across every industry deploy AI faster and more securely in complex, multi-cloud environments.

Palantir stock has gained about 144% this year, making it the fifth-best-performing S&P 500 stock. The company is scheduled to report its third-quarter results after the market closes on Nov. 3. 

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Read Next: Meta Faces Rising China Challenge As Alibaba, Xiaomi Join AI Smartglasses Race: Goldman Sees Supply Chain Winners

Share

·

Add us on