Palantir Technologies stock has exploded higher in mid-February 2023. In this article we examine the reason for the move higher.
For the American intelligence community’s use in counterterrorism operations and investigations, Palantir Technologies develops and deploys software platforms. The company offers Palantir Gotham, a software platform that enables users to find patterns in datasets that range from signals intelligence sources to reports from confidential informants. It also streamlines the handoff between analysts and operational users, helping operators plan and carry out real-world responses to threats that have been identified within the platform.
Palantir Foundry, a platform that transforms how businesses run by giving their data a central operating system, is also available. It enables users to integrate and analyze the data they require in a single location. Additionally, it offers Apollo, a piece of software that enables users to virtually deploy their own software in any setting.
Earlier this week, Palantir reported its first quarterly profit, sending the stock surging. Palantir became a publicly traded company in September 2020.
Palantir Reports Q4 2022
On February 13, 2023, Palantir reported Q4 adjusted EPS of 4c versus the consensus estimate of 3c. The company reported Q4 revenueThe income statement provides a summary of a company's revenue and expenses over a specified period of time, typically a year or a quarter. It shows the company's total revenue, th... of $508.62M versus the consensus estimate of $502.25M.
“With this result, Palantir is profitable. This is a significant moment for us and our supporters,” said Alex Karp, co-founder and chief executive officer of Palantir Technologies.
Palantir Technologies Stock Chart
Palantir Technologies stock has broken horizontal resistanceA horizontal resistance chart pattern is a type of chart which shows how price movement follows a certain pattern when price reaches a certain level. The pattern forms a resistance... and has confirmed a break above its 200 day moving average. The stock is in a technical uptrend.
Palantir Technologies was founded in 2004 by Peter Thiel, Joe Lonsdale, Stephen Cohen, and Alex Karp. The company was originally created as a platform to provide intelligence analysis for the US Government and intelligence agencies, but it has since expanded its services to other industries, including finance and energy. The company is based in Palo Alto, California.
Palantir Technologies has come under fire for its involvement in government projects that involve collecting and analyzing large datasets of personal information, such as the U.S. government’s controversial “PRISM” program. The company has also been accused of providing technology to law enforcement agencies that can be used to target minority communities and protesters. Additionally, Palantir has been criticized for its lack of transparency about the data it collects and how it is used.