TLDR
- Palantir stock rose 4.7% to $179.01 after reporting quarterly revenue of $1.94 billion, up 92.8% year over year
- Adjusted EPS of $0.41 beat the $0.34 consensus estimate by $0.07; the company also raised its full-year outlook
- Analysts hold a “Moderate Buy” consensus with an average price target of $192.19
- Institutional investors including Norges Bank, State Street, and Cache Advisors have been adding to their positions
- Valuation concerns persist with PLTR trading at 153 times earnings, and insiders have sold over $156 million in stock in the last 90 days
Palantir Technologies (PLTR) jumped 4.7% on Thursday, hitting $179.01, after the company posted one of its strongest quarterly results on record.
Palantir Technologies Inc., PLTR
Revenue came in at $1.94 billion for the quarter, up 92.8% year over year and well ahead of the $1.81 billion analyst estimate. Adjusted EPS of $0.41 beat the consensus of $0.34 by $0.07. A year ago, the company posted EPS of just $0.16.
Management also raised its full-year guidance, giving investors another reason to push the stock higher.
The stock had closed at $171.04 the prior session, meaning the move added roughly $20 billion to Palantir’s already hefty $429 billion market cap.
AI Platform Driving Growth
The main story behind the numbers is Palantir’s Artificial Intelligence Platform, or AIP. Analysts point to it as the key driver pushing the company beyond its traditional government contracting roots.
Enterprise adoption is expanding, and commercial demand is picking up alongside continued strength in government AI spending. Piper Sandler has an “overweight” rating with a $230 price target. DA Davidson lifted its target from $175 to $200 with a “buy” rating. Cantor Fitzgerald also initiated coverage with an “overweight” rating, all following the earnings release on August 4.
Goldman Sachs held its “neutral” rating but set a $204 price target. Benchmark kept its “hold” rating. Overall, the analyst consensus sits at “Moderate Buy” with an average target of $192.19, based on two Strong Buy ratings, 20 Buys, 11 Holds, and three Sells.
Valuation and Insider Selling Raise Flags
Not everything is pointing up. Palantir trades at roughly 153 times earnings, a valuation that leaves little room for any growth stumble. Short seller Michael Burry has reiterated his bearish view on the stock, and ARK Invest has been selling into the rally.
Insider selling has also been notable. In the past 90 days, insiders sold over 1.15 million shares worth approximately $156 million. That includes a sale by insider Shyam Sankar of 35,000 shares on August 6 at $155.70 per share.
On the institutional side, the picture looks more positive. Cache Advisors raised its stake by 30.4% in Q2, adding 21,018 shares for a total of 90,096 shares valued at around $10.5 million. Norges Bank bought a new position worth over $5.1 billion. State Street and Arrowstreet Capital have also been adding. Institutional investors now own 45.65% of the stock.
Palantir’s 50-day moving average sits at $133.83 and its 200-day moving average at $139.92, both well below the current price. The stock’s 52-week range runs from $106.37 to $207.52.
Analysts expect full-year EPS of $1.26 for the current fiscal year.
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