Monday, November 29, 2021

Palantir Technologies Inc. (PLTR) Stock Surging in Premarket, Here’s Why

Palantir Technologies Inc. (PLTR), a company building and deploying software platforms for the intelligence community in the US, has surged 13.74% in aftermarket trading session. Consequently, PLTR stock is changing hands at $26.40 at the time of this writing. The rapid increase has come after Palantir announcement of selection by the US Army for Intelligence Data Fabric and Analytics Solution. On Tuesday, PLTR stock closed the day at $23.21 after increasing 0.17%.


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PLTR selected by US Army

In the late hours of Monday, PLTR announced that it had been selected by U.S. Army’s Program Manager for Intelligence Systems and Analytics for the delivery of the Army’s intelligence data fabric and analytics foundation for the capability Drop 2 (CD-2) program. The company was selected for the progression in the next phase of the Army’s competitive $823m indefinite-delivery, termed as indefinite quantity (IDIQ ) contract. Palantir said that it would support as it proceeds through final testing and fielding. Before that, the company collaborated with Army on the successful “Test, Fix, Test” process. Palantir said that it would deploy the Palantir Gotham platform for the support of Army Intelligence users throughout the globe with a globally federated intelligence data fabric and analytics platform. The analytics platform spanned multiple security classifications. The company said that the capability would field modern data integration, correlation, fusion as well as for analytic capabilities. They in turn would prepare the armed forces to fight against emerging near-peer threats.  

Q2 2021 financial results


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On 12th August, PLTR reported the quarterly results for the second quarter of the fiscal year 2021, which ended 30th June 2021. According to the details, the company had cash and cash equivalents of $2.34 billion on 30th June. The total assets stood at $3.07 billion, while total liabilities were $1.006 billion. During the second quarter of 2021, the company generated net revenue of $375.64 million. During the equivalent period of 2020, the net revenue stood at $251.88 million. The cost of revenue for the three months stood at $90.92 million, while during the equivalent period of 2020, it was $68.41 million. The gross profit for three month period stood at $284.71 million, while during the equivalent period of 2020, it was $183.47 million. The total operating expenses bore by the company during the period stood at $430.86 million. During the equivalent period of 2020, these were $282.62 million. The company suffered a net loss of $138.58 million (or $0.07 per basic and diluted shares). During the second quarter of 2020, the net loss stood at $110.45 million (or $0.17 per basic and diluted share).

What’s ahead for PLTR stock?

Recent past performance of PLTR stock has not been outstanding, with the stock declining by 12% during the last quarter. Analysts are hopeful that PLTR stock EPS would increase by 29% during the current fiscal and 49% during the next 5 years, mainly on the back of reliance on innovative strategies.

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