Palantir's stock has shown dramatic gains, rising 111.12% year-to-date, 414.55% over the past year, and 1,625.43% since its October 2020 IPO. Q2 results beat expectations, with EPS of $0.16 versus $0.14 and revenue of $1.0 billion versus $940 million, marking 48% year-over-year revenue growth and the first quarter exceeding $1 billion. Analysts responded with higher price targets and upgrades. Palantir secured significant federal contracts, including a reported $10 billion U.S. Army deal and an ICE immigration tracking contract. The broader data services market is projected to grow substantially through 2028, positioning Palantir as a major industry participant.
When the company reported Q2 earnings on Aug. 4, it announced better-than-expected results. Palantir beat on earnings and revenue, with EPS of 16 cents versus 14 cents expected, and revenue of $1 billion versus $940 expected. Revenue rose 48% YoY and crossed the $1 billion mark for the first time. As a result, Bank of America raised its price target to $180 from $150, and Deutsche Bank upgraded the stock to "Hold" from "Sell" with a price target of $160, up from $80.
Big Data is expected to be big business in the years ahead. According to platform provider Edge Delta, the market for data services is projected to grow from $220.2 billion in 2023 to $401.2 billion by 2028 - an increase of 82.2%. Palantir is a major player in the space. The company was co-founded by entrepreneur and venture capitalist Peter Thiel, who was also the co-founder of PayPal Holdings (NASDAQ:PYPL) and the first outside investor in Facebook.
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