Palantir Technologies Inc Share Surge

By Sinéad Carew
(Reuters) – Shares in Palantir Technologies Inc (NYSE:PLTR) rose more than 6% on Friday, reaching a record high after the company announced plans to list on the Nasdaq and anticipates joining the Nasdaq 100 index.

The data analytics software firm stated it would switch its stock listing from the New York Stock Exchange, beginning Nasdaq trading on Nov. 26.

Being included in the Nasdaq 100 index means that "anyone who uses the Nasdaq index as their benchmark will have to buy PLTR," said Kenny Polcari, Chief Market Strategist for SlateStone Wealth, in a research note.

Palantir has benefited from a surge in GenAI technology, with more companies utilizing its AI platform for testing, debugging code, and evaluating AI-related scenarios.

The stock last traded at $62.90, after hitting a high of $63.50, compared to a median price target of $39 from Wall Street analysts, according to LSEG, which aggregates ratings from 19 analysts.

Year-to-date, Palantir shares have increased approximately 267%, with a nearly 47% gain over the seven sessions following its Nov. 4 quarterly update, which raised its 2024 revenue guidance.

Currently, Palantir shares are trading at around 130 times forward earnings estimates, while its two-year average multiple is about 63.