- Palantir Technologies Inc (NYSE:PLTR) shares are shooting upwards Thursday after Cathie Wood’s Ark Invest on Wednesday added 1.26 million shares to its kitty valued at $13 million.
- Thursday’s session volume spiked to 84.4 million versus the 100-day average volume of 39.5 million.
- The data intelligence software firm posted upbeat quarterly numbers on May 8, reporting first-quarter sales of $525.19 million, up by 17.7% year-on-year, which beat the consensus estimate of $505.60 million.
- Palantir’s U.S. revenue grew 23% year-over-year. Commercial revenue was up 15%, and government revenue climbed 20%.
- The results influenced Jim Cramer to change his mind about the stock driven by its AI stance.
- Wall Street analysts bumped their price targets on the stock upon the upbeat results.
- The stock has gained close to 16% last week and 78% YTD.
- Price Action: PLTR shares traded higher by 11.3% at $11.43 on the last check Thursday.
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