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Palantir Technologies (PLTR, Financial) has soared over 300% in 2024 due to its growing involvement in artificial intelligence and defense innovation.
The government contracts power contributor makes up nearly 60% of the company’s revenue and puts it in a central role in the U.S. military modernization drive.
Palantir stock has more than tripled in 2024, and it is the best performing stock in the S&P 500 so far this year, eclipsing even Nvidia run of 175% year-to-date.
Source: TradingView
Meanwhile, PLTR stock has not only out-performed other software companies, but everyone in the S&P 500.
Nearly 2/3 of the gain came after its latest Q3’2024 top and bottom line beat and the subsequent Donald Trump’s Presidential election win.
Palantir’s incredible rally in the last month could attributed to views that that artificial intelligence will play a bigger role in US security and defense spending.
Palantir’s Strategic moves
Palantir on Dec. 9 announced an expansion of its contract with the U.S. Special Operations Command that establishes Palantir as the lead software integrator for its Mission Command System.
Palantir said the one-year contract is valued at $36.8 million.
In addition, Palantir has won a new, $178 million U.S. Army contract for project TITAN, a battlefield system using artificial intelligence.
Meanwhile, Palantir joined the S&P 500 index on Sept. 23. The inclusion enables mutual funds and institutional investors to buy PLTR stock.
Palantir last months announced that it will transfer the listing of its common stock from the New York Stock Exchange to the Nasdaq.
The company began trading as a Nasdaq-listed company on Nov. 26.
Analysts with bearish views on Palantir stock continue to question its valuation.
Nonetheless, Palantir is among AI stocks to watch.
Palantir CEO Alex Karp stressed how important AI is in changing industries and economies. “We are in the software century, and we plan to take the whole market,” Karp said in a Nov. 4 letter to shareholders.
The company, headquartered in Denver, provides three distinct platforms. Palantir Gotham is designed mainly for use by government organizations, while Palantir Metropolis caters to the needs of banks, financial institutions, and hedge funds.
Palantir generates approximately 60% of its revenue from government clients.
Source: FinChat
Decelerating revenue growth trend is a serious problem.
In 2020, revenue soared by 47%, showcasing remarkable growth. This momentum continued but at a slower pace into 2021 with a 40% increase. By 2022, growth further decelerated to 24%. In 2023, revenue rose by a modest 17% year-over-year, reaching $2.23 billion.
On top of that, Palantir is not cheap by any stretch of the imagination.
Its Forward Price-to-Earnings ratio is 135, by far the most expensive vs its peer on that metric.
Source: FinChat
Lastly, Palantir has not disclosed pricing for AI products. Some analysts say Palantir needs to show more revenue progress with generative AI commercial deployments.
Investors can long Palantir using our 3x Palantir.
Alternatively, investors can short Palantir using our -1x Palantir.
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