Palantir Stock Rises 5% to a Record High After Doubling This Year
Palantir Technologies stock rose 5% to notch a new closing high of $149.15 a share on Monday, comfortably above the record closing price of $144.25, reached on June 26.
Palantir was already a hot stock, but its valuation has been supercharged as the U.S. government has increasingly adopted its technology since Donald Trump became president in January. The share price has doubled since Inauguration Day.
Palantir makes software that integrates data from disparate sources, allowing analysts to visualize them in a single dashboard, and aid with decision-making.
Also on Monday, the company announced that it would release its Q2 earnings numbers on August 4 after the close of trading. Expectations are high, with analysts penciling in year-over-year sales growth of nearly 40% for the second consecutive quarter.
Excitement around the company’s growth potential is part of the reason why the stock is up almost 100% this year.
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