Palantir Technologies Inc. – Stock Performance and Earnings Insights Puzzling picture of Palantir Stock Awaits Earnings Report

By: Alex Freidmen

Palantir Technologies Inc. PLTR shares are trading higher Friday, although the stock is down 3% year-to-date. Here’s a look at what’s going on.


Setting the Scene


Palantir is set to release its fourth-quarter and fiscal year 2023 financial results after the market close on Monday and will host a webcast to discuss the results at 5:00 p.m. ET the same day. According to estimates from Benzinga Pro, Palantir is expected to report fourth-quarter earnings of 8 cents per share and quarterly revenue of $602.4 million.


In a recent milestone, Palantir announced a 3-year partnership with Coles Supermarkets Australia Pty Ltd in which Palantir platforms, including the AI Platform (AIP), are to be integrated across Coles Supermarkets’ operations to gain insights into workforce-related spending and address it more effectively.


In another feather in its cap, Palantir recently struck a deal with Carahsoft Canada to be the exclusive distributor of the Palantir platform under the government of Canada’s software licensing supply arrangement.


In the rearview mirror, Palantir shares ascended more than 85% in 2023, stuttering slightly at the close of last year possibly due, in part, to some profit-taking and consolidation.


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Unraveling the Forecasts for 2024


Equity research serves as a treasure trove of insights into a company’s fundamentals. Analysts craft financial models based on a company’s earnings outlook to construct a fair price target and stock recommendation.


Remarkably, the average 1-year price target for Palantir Technologies stands at $7.67, representing an anticipated decline of 53.96%.

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Due to variability in assumptions, analysts may arrive at widely different price targets and recommendations. While 3 analysts adopt a bearish stance on Palantir Technologies, none are bullish. Jefferies reigns supreme with a street high price target of $13, while RBC Capital issues a street low of $5.


PLTR Price Action: Based on data from Benzinga Pro, Palantir Technologies shares have ascended by 1.9% to $16.64 at the time of publication.


Image: Gerd Altmann from Pixabay