Palantir Technologies’ stock soared 11% on Friday, hitting a record $65.77 per share and boosting its market capitalization to $150 billion. The surge follows the company’s announcement of its plan to switch its listing to the Nasdaq from the New York Stock Exchange, effective November 26, under its existing ticker symbol “PLTR.”
The move, while not altering company fundamentals, is anticipated to trigger significant exchange-traded fund (ETF) purchases, potentially benefiting retail investors. Alexander Moore, a board member, hinted on social media that the change aligns with Palantir’s commitment to its retail investor base.
Palantir’s momentum comes after its robust Q3 earnings report, which exceeded Wall Street estimates and highlighted the company’s growing demand for AI technologies. U.S. government revenue rose 40% year-over-year to $320 million, while U.S. commercial revenue surged 54% to $179 million. A five-year contract expanding its Maven AI technology across the Department of Defense underscored its dominance in the defense sector.
The stock’s dramatic rise also aligns with post-election sentiment. Palantir, co-founded by Peter Thiel, a known Trump ally, is seen as well-positioned under the new political landscape. Thiel’s holdings in Palantir have gained $3 billion in value since the earnings report.
Despite the rally, some analysts caution the stock may be overvalued relative to its fundamentals. While Argus Research praised the company’s stellar quarter, it downgraded its 12-month recommendation to hold, citing potential over-exuberance in the market.
