Investor Attention: Palantir Technologies Inc. (PLTR) is witnessing heightened trading activity ahead of its upcoming earnings report. Despite a 3% year-to-date decline, the company’s stock has seen a surge in investor interest. Let’s delve into the details.
Expectations: Palantir is gearing up to disclose its fourth-quarter and fiscal year 2023 financial results after the market closes on Monday. Additionally, the company will be conducting a webcast at 5:00 p.m. ET to discuss the findings. Analysts’ projections, as per Benzinga Pro, suggest an anticipated fourth-quarter earnings of 8 cents per share and revenue of $602.4 million.
Recently, it was revealed that Palantir formed a strategic 3-year partnership with Coles Supermarkets Australia Pty Ltd. This collaboration will involve the deployment of Palantir platforms, including the Artificial Intelligence Platform (AIP), within Coles Supermarkets’ operations to gain deeper insights into and manage workforce-related expenditure.
Expressing confidence in the agreement, Ashwin Rajan, Palantir’s Head of Commercial for Australia, emphasized, “Our partnership with Coles – an iconic Australian retailer – demonstrates the strength of our Australian commercial business and continues our growth in the retail industry globally.”
Furthermore, the company recently unveiled a partnership with Carahsoft Canada, a prominent government IT solutions provider. This alliance designates Carahsoft Canada as the exclusive distributor of the Palantir platform under the Government of Canada’s software licensing supply arrangement.
Despite a remarkable 85% surge in 2023, Palantir shares witnessed a marginal dip towards the end of the previous year, potentially attributed to profit-taking and consolidation.
Related Development: Palantir Co-Founder Joe Lonsdale opined that AI could serve as the next catalyst equivalent to the impact of cryptocurrency.
The Forecast for PLTR Stock in 2024
Equity research serves as a valuable repository for understanding a company’s underlying fundamentals. Analysts craft financial models rooted in a firm’s fundamentals and prospective earnings to project a price target and stock recommendation.
Analysts posit an average 1-year price target of $7.67 for Palantir Technologies, signaling an anticipated downside of 53.96%.
Diverse assumptions can lead to differing price targets and recommendations. Currently, 3 analysts bear bearish outlooks on Palantir Technologies, with no bullish ratings in sight. Jefferies proposes a street high price target of $13, while RBC Capital presents a street low of $5.
Latest Trading Activity: Per Benzinga Pro, Palantir Technologies shares are trading up by 1.9% at $16.64 at the time of this report.
Image: Gerd Altmann from Pixabay
