5 Hot Tech Stocks to Buy Now

2. Palantir Technologies Inc. (NYSE:PLTR)

3-Month Average Volume: 56.77M

YTD Performance: 184.58%

Number of Hedge Fund Holders: 39

Denver, Colorado-based Palantir Technologies Inc. (NYSE:PLTR) is a leading technology company providing software platforms for big data analytics. It has built three principal software platforms: Gotham, Foundry, and Apollo. These platforms provide the infrastructure needed to integrate data and operations and run the required software in virtually any environment.

On November 2, Palantir Technologies Inc. (NYSE:PLTR) released its financial results for Q3 2023. Its revenue increased by 17% y-o-y to $558 million, while it generated a net income of $72 million, compared to a net loss of $124 million last year.

As of November 8, Palantir Technologies Inc. (NYSE:PLTR) shares have had a remarkable year with its share price up more than 184% to date. A significant portion of the positive trend for the stock can be attributed to its turn to profitability with its highest ever net profit posted in Q3.

Following the earnings release, HSBC analyst Stephen Bersey upgraded the rating for Palantir Technologies Inc. (NYSE:PLTR) shares to ‘Buy’ from ‘Hold’ and raised the price target to $21 from $16.