Palantir Shares continued their climb on Friday, rising 11% to a record after the developer reported military software announced plans to transfer its listing from the New York Stock Exchange to Nasdaq.
The stock jumped above $65.77 on the close, pushing the corporate's market cap to $150 billion. Shares have risen greater than 45% since Palantir's better-than-expected earnings report last week and have nearly quadrupled in value this 12 months.
Palantir said late Thursday that it expects to start trading on Nasdaq on Nov. 26 under its existing ticker symbol “PLTR.” While changing listing sites doesn't change an organization's fundamentals, board member Alexander Moore, a partner at enterprise firm 8VC, suggested in a single Post on social media site X that the move could possibly be a win for retail investors because it would “force exchange-traded funds to make billions of dollars in purchases.”
“Everything we do is to reward and support the following of our retail diamond traders,” Moore wrote, referring to a term popular within the crypto community for long-term believers.
Moore appears to have subsequently deleted his X account. His company, 8VC, didn’t immediately reply to CNBC's request for comment.
Last Monday after the market closed, Palantir reported third-quarter earnings and revenue that beat estimates and gave fourth-quarter guidance that also exceeded Wall Street expectations. CEO Alex Karp wrote within the earnings release that the corporate “completely obliterated this quarter,” driven by demand for artificial intelligence technologies.
U.S. government revenue increased 40% 12 months over 12 months to $320 million, while U.S. industrial revenue increased 54% to $179 million. On the earnings call, the corporate pointed to a five-year deal to distribute its Maven technology throughout the U.S. military. Palantir founded Maven in 2017 to supply AI tools to the Department of Defense.
The post-earnings rebound coincides with the period following last week's presidential election. Palantir is seen as a possible beneficiary because of the corporate's ties to the Trump camp. Co-founder and Chairman Peter Thiel was a key supporter of Donald Trump's first victorious election campaign, although there have been public clashes with Trump within the years that followed.
When Thiel was asked in June about his position on the 2024 election, he said: “If you put a gun to my head, I will vote for Trump.”
The value of Thiel's Palantir holdings has increased by about $3 billion because the earnings report and by $2 billion because the election.
In September, S&P Global announced that Palantir can be added to the S&P 500 stock index.
Analysts at Argus Research say the rally has pushed the top off an excessive amount of given current financials and growth forecasts. Analysts maintain a long-term “buy” rating on the stock and said in a report last week that the corporate had an “excellent” quarter, but downgraded their 12-month advice to “hold.”
The stock “could go beyond what the company's fundamentals can support,” the analysts wrote.
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