Palantir Technologies Inc (NYSE:PLTR) shares are volatile Wednesday after trending lower over the past week. Here’s a look at what’s been going on.
What To Know: Palantir held its AIPCon last Thursday. More than 30 organizations showcased how they are using Palantir’s Artificial Intelligence Platform (AIP), which is currently being used by more than 100 organizations.
Palantir CEO Alex Karp, CTO Shyam Sankar and head of global commercial Ted Mabrey also provided an in-depth look at platform functionality.
Following presentations at AIPCon, Palantir announced new partnerships with Gemelli Generator Real World Data and Babcock International Group.
On Friday, HSBC analyst Stephen Bersey initiated coverage on Palantir with a Hold rating and announced a price target of $16. Wedbush analyst Dan Ives reiterated Palantir with an Outperform rating and a $25 price target this week.
Despite falling about 3% since the event, Palantir shares are up more than 135% year-to-date, largely due to the company’s positioning in the AI space. The recent pullback in Palantir stock is likely being driven by a broader cooldown in AI-related names.
See Also: AI Bubble Or Revolution? Goldman Sachs Research Takes A Look
PLTR Price Action: Palantir shares were up 0.17% at $15.18 at the time of publication, according to Benzinga Pro.
Photo: Cory Doctorow from Flickr.
