"Shares of Palantir Technologies (NASDAQ:PLTR) gained 2.54% over the past five trading sessions after popping 8.43% the five prior. So far this year, the stock is up 126.44%, and since its October 2022 IPO, PLTR has surged an eye-catching 1,750.65%. In early August, it was reported that the U.S. Army is consolidating 75 contracts into a single 10-year arrangement with Palantir valued at $10 billion. Meanwhile, buy-side firms have been selling the stock in flurries, leaving Palantir's institutional ownership at just 54.07%."
"When the company reported Q2 earnings on Aug. 4, it announced that revenues saw year-over-year growth of 48% and topped $1 billion in quarterly revenue for the first time ever, while U.S. government revenues rose 53% from the year-ago period to $426 million. Palantir beat on earnings with 16 cents per share versus Wall Street's expectations of 14 cents per share. The company also upped its full-year guidance, forecasting revenues between $4.142 billion and $4.150 billion, up from its previous forecast of $3.89 billion to $3.90 billion."
"While the stock's forward P/E ratio of 188.68 can be concerning, Palantir's federal contracts and aerospace ties are expected to continue fueling growth. While earnings are rear-facing, the emerging trends seen in the company's Q1 results can serve as a foundation for further rewards for shareholders. In the first quarter, Palantir saw year-over-year revenue growth of 39%. U.S. commercial business surpassed a $1 billion run rate, good for 71% year-over-year growth. Meanwhile, its U.S. government revenue grew 45% year-over-year."
Palantir's stock is up 126.44% year-to-date and about 1,750.65% since its October 2022 IPO. The U.S. Army is consolidating 75 contracts into a single 10-year, $10 billion arrangement with Palantir. Institutional ownership has fallen to 54.07% as buy-side firms sell positions, including JPMorgan and T. Rowe Price reducing stakes. Q2 revenue grew 48% year-over-year and exceeded $1 billion, with U.S. government revenue rising 53% to $426 million. Q2 EPS of $0.16 beat expectations and full-year revenue guidance was raised to $4.142–$4.150 billion. Forward P/E stands at 188.68 despite robust commercial and government growth trends.
Read at 24/7 Wall St.
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