TLDR
- Palantir stock jumped 51% in August, rising from $123.06 to $186.38, the best performance in the tech sector.
- Q2 revenue hit $1.94 billion, up 93% year over year, beating analyst expectations by $130 million.
- Full-year 2026 revenue outlook raised to $8.15 billion, implying around 82% growth.
- Palantir expanded its PwC partnership and won a $192 million U.S. Army TITAN contract in early September.
- Wall Street holds a Moderate Buy consensus with an average price target of $192.19.
Palantir Technologies (PLTR) was the top-performing stock in the technology sector in August, climbing 51% from $123.06 to $186.38. That move was more than eight times the 6.36% gain posted by the Technology Select Sector SPDR Fund (XLK) over the same period.
Palantir Technologies Inc., PLTR
After hitting $182.53 on September 3, PLTR pulled back to close at $174.33 on September 4. With U.S. markets closed Monday for Labor Day, $174.33 remains the most recent closing price.
The August rally was lit by a strong Q2 earnings report. Revenue came in at $1.94 billion, up 93% year over year and ahead of analyst estimates of $1.81 billion. Earnings per share hit $0.41, topping the $0.34 consensus by $0.07.
U.S. commercial revenue was a standout, jumping 149% year over year to $764 million. Palantir closed 220 deals worth at least $1 million in the quarter, including 73 deals valued at $10 million or more.
U.S. commercial total contract value bookings reached $2.132 billion, up 153% year over year. The company also expects $4.5 billion to $4.7 billion in adjusted free cash flow for the full year.
New Deals Add Fuel
Palantir raised its full-year 2026 revenue guidance to $8.15 billion, pointing to roughly 82% growth. That raised outlook gave investors another reason to stay bullish through August.
Then in early September, two fresh catalysts arrived. Palantir expanded its partnership with PwC US, building an AI platform aimed at speeding up deals and mergers using Palantir’s Foundry and AIP tools. The platform is designed to cut transaction time by up to 50% and reduce one-time deal costs by as much as 45%.
Around the same time, Palantir landed a U.S. Army production contract to deliver eight TITAN tactical intelligence systems, valued at around $192 million. The PwC and Army news helped PLTR rise roughly 8% on September 4 before pulling back slightly.
Valuation and Analyst Views
The stock currently trades at a price-to-earnings ratio of 149, and its market cap sits above $418 billion. That premium valuation has drawn some caution from analysts and investors watching for any slowdown in growth.
Michael Burry has renewed bearish commentary on the stock, and Google’s expanding government AI push could add competitive pressure to Palantir’s public-sector business. Insiders have also sold $117 million worth of stock in the past 90 days, including a sale by CEO Alexander Karp on August 20.
Still, Wall Street holds a Moderate Buy consensus rating based on 21 Buy ratings, 10 Holds, and three Sells. The average price target now sits at $192.19, with Mizuho setting a $215 target and Needham matching that figure.
Amundi boosted its stake in PLTR by 7.4% during Q2, bringing its total holding to 17.6 million shares worth around $2.06 billion. Institutional investors hold 45.65% of the stock.
PLTR’s 50-day moving average stands at $150.22, and the stock recently flashed a golden cross signal, which some technical traders read as a bullish sign.
The one-year trading range for PLTR sits between $106.37 and $207.52.
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