Why Palantir Technologies (PLTR) Soared Last Week?

We recently published a list of 10 Firms That Soared Last Week. In this article, we are going to take a look at where Palantir Technologies Inc. (NASDAQ:PLTR) stands against other firms that soared last week.

Last week saw volatile trading in the stock market as investors scrambled to react from a series of positive and negative catalysts which sparked buying and selling positions across the board.

On Friday alone, Wall Street’s major indices fell into the red territory over renewed fears of growing trade tensions from some of the world’s largest economies, coupled with expectations of a higher inflation rate.

However, 10 firms defied a broader market slump, posting impressive gains in just a week’s trading.

To come up with last week’s biggest advancers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A software engineer manipulating a vast network of code on virtual monitors.

Palantir Technologies Inc. (NASDAQ:PLTR)

Palantir Technologies Inc. (NASDAQ:PLTR) hit a new record high last week, touching the $116 level before investors took early profits, dragging its value lower to end at $110.85 apiece.

Friday’s valuation, however, still marked a 34.38-percent jump from its price of $82.49 registered last January 31, or a week earlier. The rally came following news that Palantir Technologies (NASDAQ:PLTR) achieved a 16-percent growth in net income in full year 2024 at $462 million, supported by a 29-percent jump in revenues at $2.87 billion.

Of the total revenues, US revenues surged by 38 percent to $1.9 billion.

In the fourth quarter alone, net income rose by 10 percent to $79 million, while revenues increased 36 percent to $828 million. US revenues grew 52 percent to $558 million.

Last week’s valuation pushed PLTR’s market capitalization to as high as $240 billion, surpassing the values of household names such as American Express ($221 billion), McDonald’s ($208 billion), and Disney ($207 billion).

Overall, PLTR ranks 2nd on our list of firms that soared last week. While we acknowledge the potential of PLTR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as PLTR but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap

Disclosure: None. This article is originally published at Insider Monkey.