What's Going On With Palantir Technologies Stock On Thursday?

Zinger Key Points
  • Palantir won a $480 million Army contract for the Maven Smart System, boosting its shares by 2.58% on Thursday.
  • The Maven Smart System uses AI algorithms and memory learning to identify enemy systems, enhancing military capabilities.

Palantir Technologies Inc PLTR shares are trading higher Thursday after winning a $480 million Army contract for the Maven Smart System prototype.

The MSS leveraged AI-generated algorithms and memory learning capabilities to identify enemy systems. The stock is up on Thursday.

Recently, CNBC's Jim Cramer snubbed Palantir, citing a lack of transparency regarding the services it provides to the government.

Also Read: Cathie Wood's Ark Invest Swoops In To Buy The Palantir Dip — Purchases Stock Worth $29M — Offloads Coinbase Shares Worth Over $15M Amid Softening Bitcoin Price

In May, Palantir reported first-quarter revenue growth of 21% year-over-year to $634.0 million, which beat the analyst consensus estimate of $625.4 million. 

Palantir reported adjusted EPS of $0.08, which was in line with analyst consensus estimates. Analysts cheered Palantir's Artificial Intelligence Platform, citing any modest sell-off post-print ia "a golden buying opportunity."

Recently, it raised its full-year 2024 guidance for revenue and U.S. commercial revenue outlook.

Also in May, CEO Alex Karp advised the U.S. to strengthen its defense technology, including software-defined weapons systems, to dodge attacks, hinting at the growing geopolitical tensions with China. Karp had always maintained its lack of rivals in the U.S. commercial and government markets.

Meanwhile, speculations remain rife over the potential inclusion of Palantir into the S&P 500 index.

Palantir Technologies stock gained over 42% in the last 12 months. Investors can gain exposure to the stock via Global X Funds Global X Defense Tech ETF SHLD and ARK Innovation ETF ARKK.

Price Action: PLTR shares are up 2.58% at $21.48 premarket at the last check Thursday.

Photo via Shutterstock

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