Today’s Change
Current Price
Palantir Technologies (PLTR +10.32%), an AI-powered decision software provider, closed at $172.01, up 10.32%. Today’s gains built on its post-earnings strength and Bank of America’s (BAC +0.27%) upbeat view, while investors are watching further upside after the quarter and commercial AI demand.
Trading volume reached 76.2 million shares, coming in about 75% above its three-month average of 43.5 million shares. Palantir Technologies IPO’d in 2020 and has grown 1,711% since going public.
How the markets moved today
The S&P 500 (^GSPC +0.62%) closed at 7,758, up 0.62%, while the Nasdaq Composite (^IXIC +1.30%) finished at 26,690, up 1.30%. Among enterprise software and AI-driven data analytics peers, Snowflake (SNOW +3.93%) closed at $330.49, up 3.93%, and Datadog (DDOG +2.02%) closed at $233.93, up 2.02%, a sign that software investors are still weighing AI demand and spending trends.
What this means for investors
The AI data analytics software company was one of the big gainers in software names today. Momentum in Palantir shares began after its stellar earnings report earlier in the week. Investors are embracing software names like Palantir that are leveraging artificial intelligence and machine learning to provide insights and solutions for complex data sets.
Another catalyst for today’s surge was Bank of America reaffirming its “Buy” rating for Palantir and raising its price target to $255, indicating a nearly 50% gain from the closing price.
The firm emphasized Palantir’s competitive edge through its strong AI strategy, growing commercial activities, and solid government relationships. Analyst Mariana Perez Mora remarked that the company’s success is driven by its effective AI approach, which helps clients achieve meaningful outcomes and is bolstered by strong partnerships.
Bank of America is an advertising partner of Motley Fool Money. Howard Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Datadog, Palantir Technologies, and Snowflake. The Motley Fool has a disclosure policy.
