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- 1 Palantir ranks as the number one vendor in AI, machine learning, and data science.
- 2 PLTR stock price currently trading at the level of $15.29 with an intraday drop of 1.92%.
- 3 Palantir Technologies Inc. (NYSE: PLTR) is reporting growth in its customer base.
Palantir Technologies Inc. (NYSE: PLTR) is a leader in providing Data and AI-based solutions. The company announced that it is ranked no 1 vendor in the field of AI, Data Science, and Machine Learning by Dresner Advisory Services.
Dresner Advisory Services made their report from a real-world perspective. Moreover, they ask many people who use the software about the software’s performance and whether they like it or not.
Palantir beats its competitors and gets the highest scores in the usability of the software, model operations, and analytical features & functions.
Howard Dresner, the main researcher of Dresner Advisory Services said that “AI, data science, and machine learning are becoming popular in recent times and it is also important for the development of new generative AI and AI applications like ChatGPT.”
Palantir Chief Architect Akshay Krishnaswamy said that the Palantir Artificial Intelligence Platform (AIP) assists organizations in harnessing the potential of generative AI in their essential operations.
He also expressed happiness on being recognized as a top performer and said “We are grateful that the research group recognized our work and we think it shows the real-world results that hundreds of enterprises are getting from using AIP”
Future Outlook of PLTR Stock Price; Where Will it be in the Coming Years?
PLTR stock gave remarkable returns to its investors in previous years. The PLTR stock gave a positive return of 80.31% last year; it gave a spectacular return of 132.37% return year to date and gave a 96.78% return in a span of 6 months. Its financials bode well for the future of the stock.
The company became profitable in the latest quarter (Q2 23), generating a revenue of $533.32 Million, with a net profit of $28.13 Million, and a profit margin of 5.27%. The company is expected to grow huge and generate good returns.
Revenue rose by almost 15% in the first 6 months of 2023. Palantir expects to generate a revenue of $2.21 Billion this financial year, which is a 16% improvement over 2022. Analysts also anticipate that the earnings will reach $0.23 per share from $0.06 per share in 2023.
Palantir also shows growth in its customer base as in the second quarter, it had approximately 421 customers which is a 38% jump over the same quarter of the previous FY. Palantir’s billing has also increased by 52% during the quarter to $603 Million. However, the increase in billing indicates that the company is signing more customer contracts which would translate to a spike in revenue.
PLTR Stock Price Analysis: Where is Palantir Stock Price Going Now?
Pltr stock price halted near the value of $20.33 and took multiple support on $13.50 which acted as a strong demand zone for the stock.
Palantir stock is currently trading at the level of $15.29 with an intraday trading volume of $49.352 Million and an average trading volume of $50.049 Million. At press time, the market cap was $31.901 Billion. The company has a shares float of $1.806 Billion.
At the time of writing, PLTR stock price broke below the 50 EMA level and took support on the 100 EMA. MACD shows a bearish crossover to the red bars. The curve is heading downward showcasing bearishness on the daily time frame.
RSI is also heading towards the oversold zone. The 14-SMA curve is above the RSI curve at 57.17 points showcasing bearishness on the daily time frame.
Conclusion
PLTR stock has an outstanding future ahead as it shows steady growth in terms of revenue growth and customer base. The technical chart is giving neutral signals. For the long term, Palantir stock is bullish.
Technical Levels
Support Levels: $14.59 and 13.51
Resistance Levels: $16.95 and $18.49
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
