Palantir Technologies Inc. (PLTR) stock surges in premarket trading. What’s going on?

Palantir Technologies Inc. (PLTR), (formerly known as Palantir Finance), specializing in software for data integration, and quantitative analytics, saw its stock price increasing 0.9% to trade at $25.65 in premarket at last check. PLTR’s stock gained 8.91% to close Tuesday’s session at $25.42.


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PLTR Chairmanhints That Palantir Could establish itself in the bitcoin (BTC) space, which peaked investor interest. The transition to cryptocurrency increased the potential financial surplus for the company with revenue growth already tallied 47% last year. PLTR stock saw an incredible surge following the news.

About Palantir Technologies

Palantir specializes in data analytics, helping clients establish an algorithm, with a huge amount of data, allowing them to build an AI model with a higher accuracy rate. The U.S. Army Research Laboratory selected Palantir to help enhance its AI capabilities due to its lucrative business model and empowering clients to integrate gigantic datasets, helping the military to train algorithms

In addition, IBM is also working with Palantir to build a simple interface that eases the accessibility for the development of AI-powered applications. The management of the company expects the company’s market opportunity to reach $119 billion, which is more than 100 times its annual trailing revenue, emphasizing on the potential of growth in this lucrative field.

PLTR revenue also tallied 47% last year, due to various contractual agreements of PLTR’s, Gotham platform. Gotham specializes in data-mining services for the federal government and produces majority revenue for the company. Data analytic services provided by Gotham to the federal government is expected to sustain a growth rate in the 30% to 40% range, for Palantir, with the company striving to adequately understand the data and make their operations more effective.

Conclusion

PLTR offered a better-than-expected outlook for the current quarter and is anticipated to produce a decent profit as their stock price surged 8.91% to close Tuesday’s session after their announcement to enter into the BTC space. Furthermore, lucrative partnerships, such as with IBM and working closely with the Federal government and U.S Military has further increased investor expectation.

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