What's Going On With Palantir Technologies Stock?

Palantir Technologies Inc PLTR shares are up 15% over the last month, charging into the data analytics company's upcoming earnings report. So what's going on?

Palantir announced that it's expanding its work with the U.S. Army Research Laboratory last week. The company plans to work to implement data, artificial intelligence and machine learning capabilities for users across the combatant commands. The contract is worth $99.9 million over two years.

The news came a week after Palantir was recognized as a leader in artificial intelligence and machine learning software platforms by research and advisory firm Forrester. The company's Foundry operating system received the highest possible scores in the product vision, performance, market approach and applications criteria.

Several analysts also adjusted ratings and price targets on the stock over the last few weeks.

Monness, Crespi, Hardt & Co analyst Brian White downgraded Palantir from a Buy rating to Neutral in mid-July. The downgrade came just a day after Raymond James analyst Brian Gesuale initiated coverage on Palantir with a Strong Buy rating and announced a $20 price target, calling the data analytics company a "cultural unicorn."

Palantir is set to announce its second-quarter financial results before the market opens on Aug. 8. The company is expected to earn 3 cents per share on quarterly revenue of $471.34 million, according to data from Benzinga Pro.

Per the long-term guidance of CEO Alex Karp, Palantir continues to expect annual revenue growth of 30% or greater through 2025.

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PLTR Price Action: Palantir has a 52-week high of $18.84 and a 52-week low of $6.44.

The stock was up 3.07% at $11.26 at time of publication.

Photo: Cory Doctorow from Flickr.