"In late July, it was announced that Palantir secured a $10 billion software and data contract with the U.S. Army. In May, the Trump administration rewarded a federal contract worth hundreds of millions to Palantir with the objective of creating a database on every U.S. citizen. On April 21, Investor's Business Daily reported that Palantir won an immigration tracking federal contract from the U.S. Immigration and Customs Enforcement (ICE)."
"When the company reported Q2 earnings on Aug. 4, it announced better-than-expected results. Palantir beat on earnings and revenue, with EPS of 16 cents versus 14 cents expected, and revenue of $1 billion versus $940 expected. Revenue rose 48% YoY and crossed the $1 billion mark for the first time. As a result, Bank of America raised its price target to $180 from $150, and Deutsche Bank upgraded the stock to "Hold" from "Sell" with a price target of $160, up from $80."
Palantir's shares rose modestly over the past five trading sessions and have gained 137.36% year-to-date, nearly 318% over the past year, and 1,839.88% since its Oct. 2, 2020 public listing. Recent wins include a £1.5 billion U.K. defense partnership, a $10 billion U.S. Army software and data contract, a federal contract for a national database, and a $30 million ICE immigration tracking contract. Q2 results beat expectations with EPS of $0.16 and $1 billion revenue, up 48% year-over-year. Institutional analysts raised price targets and ratings. Big data market projections point to substantial sector growth.
Read at 24/7 Wall St.
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