What's Going On With Palantir Stock?

Palantir Technologies Inc PLTR shares are volatile Tuesday after surging Monday on continued upward momentum following positive commentary from Wedbush analysts at the end of last week. 

What To Know: Wedbush analyst Dan Ives initiated coverage on Palantir Friday with an Outperform rating and a $25 price target. The Wedbush analyst called Palantir the "Messi of AI," referring to soccer icon Lionel Messi, who recently joined Major League Soccer's Inter Miami in a surprise move. 

"Palantir has built an AI fortress that is unmatched and poised to be a major player in this AI Revolution over the next decade," Ives said in the note to clients.

After the close on Monday, Palantir announced that it was selected by the Defense Information Systems Agency (DISA) to automate spectrum coordination workflows. The company said it will provide its software platform to enable end-to-end automation that will enhance coordination between the Department of Defense and commercial spectrum licensees. 

"As military and commercial use of radio-frequency spectrum continues to grow, spectrum coordination will be increasingly necessary to preserve the effectiveness of critical national security capabilities while enabling U.S. commercial leadership in 5G and other critical technology areas," said Miriam Marwick, SVP of emerging technologies at Palantir USG. 

See Also: High-Flier Palantir Could Be In More Upside As Data Analytics Company Lands Another Defense Department Contract

Palantir has announced a flurry of new contracts in recent months. 

Palantir shares are up more than 160% in just the last three months. The rally accelerated in May after the company reported better-than-expected quarterly results and guided for continued profitability in each quarter of 2023, noting that it has been seeing strong demand for its new AI platform. To put the demand in perspective, CEO Alex Karp said in an interview that the company received as many calls in one month that it previously received in a year.

Palantir is set to report second-quarter financial results on Aug. 7. Investors will be looking for the numbers to reflect the increased AI demand the company has been highlighting. 

PLTR Price Action: Palantir shares were up 0.34% at $19.91 at the time of publication, according to Benzinga Pro.

Photo: Cory Doctorow from Flickr.