Stock Story -
What Happened?
Shares of data-mining and analytics company Palantir (NYSE:NASDAQ:PLTR) jumped 6.2% in the morning session after the company announced that it has been granted FedRAMP High Authorization for Palantir Federal Cloud Service (PFCS) and Palantir Federal Cloud Service - Supporting Services (PFCS-SS). This authorization enables Palantir to provide its products and services to the US government at a higher level. The milestone underscores Palantir's growing strength and progress in the federal market, a critical vertical that plays a significant role in driving the company's growth.Is now the time to buy Palantir? Find out by reading the original article on StockStory, it’s free.
What The Market Is Telling Us
Palantir’s shares are very volatile and have had 20 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.The previous big move we wrote about was 18 days ago when the stock gained 9.6% on the news that the company announced plans to transfer its stock exchange listing from the New York Stock Exchange to the Nasdaq Stock Exchange. Palantir expects to begin trading on the Nasdaq starting November 26. The stock's positive reaction suggests that investors anticipate the Nasdaq listing will attract more technology-focused funds, potentially increasing demand for Palantir shares. Nasdaq is often preferred by tech investors due to its concentration of technology companies, which may enhance Palantir's visibility and appeal within this sector.
Palantir is up 322% since the beginning of the year, and at $69.93 per share, has set a new 52-week high. Investors who bought $1,000 worth of Palantir’s shares at the IPO in September 2020 would now be looking at an investment worth $7,363.