Palantir Technologies (NASDAQ: PLTR) stock was added to the Nasdaq 100 index, according to a NASDAQ announcement on 13th December.
PLTR shares became eligible to join the tech-heavy benchmark after a strategic move to the NASDAQ from the New York Stock Exchange (NYSE) last month.
The company is a leading AI software system provider facilitating machine-assisted and human-driven data analysis.
It is known for creating data fusion interfaces like the Palantir Artificial Intelligence Platform (AIP) and Palantir Foundry to improve big data analytics for diverse industries.
PLTR shares prices jumped over 340% to close at $75.75 on 16th December, following several major developments at the company.
Expansion of Government Contracts, Driving US Manufacturing Through AI
Last week, Palantir announced extending its contract with the US Special Operations Command (USSOCOM), marking the first deployment of its Mission Manager to US Special Operations Force worldwide.
The one-year delivery for £28.99 million ($36.8 million) makes Palantir the top software integrator for USSOCOM's Mission Command System.
The contract will also facilitate pilot projects, including integrating new-age AI functionalities across the Command.
Around the same time, Palantir disclosed its first Warp Speed cohort of companies aiming to revolutionise America's manufacturing and production infrastructure through AI technology.
PLTR's Warp Speed is a manufacturing operating system designed to offer dynamic production scheduling, automated visual inspection, and security for modern manufacturers.
Palantir Records Almost $500 Million Revenue In Q3
The AI company's Q3 earnings release revealed a 44% year-over-year (YoY) jump in US revenue to £393.11 million ($499 million), driven by a 54% YoY increase in US commercial revenue and a 40% YoY growth from government contracts.
Palantir recorded cash and cash equivalents of £3.62 billion ($4.6 billion) for the September-ended quarter as free cash flow surpassed £787.8 million ($1 billion) for the first time.
The company's net profit also surged to a record £113.44 million ($144 million), positioning it among the top AI players in the evolving space.
For Q4, Palantir expects to generate revenues of up to £607.39 million ($771 million) and raised its full-year revenue guidance to up to £2.21 billion ($2.809 billion).
Baird recently initiated coverage for Palantir with a £55.15 ($70) target price per share. The firm had a neutral rating on PLTR, believing that the stock's high valuation somewhat offsets the company's robust growth potential.
Meanwhile, Wedbush analyst Daniel Ives said that Palantir remains the 'most underappreciated' tech stock.
He expects 2025 to be a breakout year for PLTR despite several analysts retaining lower target prices, with the average implying over 40% downside from current trading levels.
Disclaimer: Our digital media content is for informational purposes only and not investment advice. Please conduct your own analysis or seek professional advice before investing. Remember, investments are subject to market risks and past performance doesn't indicate future returns.
