The Palantir technology stock impressed its investors with its third-quarter results, beating analysts’ expectations in both revenue and earnings. The company posted revenue of $558.16 million, which is up 17.08% year over year, and earnings per share of $0.07, up 600% year over year. The stock surged with a gap-up, breaking out of a consolidation pattern and signaling a bullish outlook for the stock.
Basically, it operates in data integration and software solutions, which are the core products of Palantir Technologies, Inc. Also, the company has been investing in innovation and expansion, and its earnings for the quarter showed the results of its strategic initiatives and growth potential. This could improve its outlook and valuation for the future as well.
The company’s income statement for the third quarter reported a net income of $71.50 million and a profit margin of 12.81%. This was higher than the previous quarter. Also, the revenue in this quarter beat the analyst’s forecast by $5.615 million (0.47%). The stock’s earnings per share (EPS) for the quarter surpassed the analysts’ estimate of $0.057 by 23.87%.
The company has a loyal customer base and a strong brand image, and its earnings for the next quarter could reflect its competitive advantage and market share. This could enhance its reputation and increase its stock price. Meanwhile, the revenue for the next quarter is expected to be $602.013 Million and the EPS to be $0.075. The next earnings release date is February 14th, 2024.
The PLTR stock’s current price was valued at $18.89 in the last trading session with a 5.12% incline. The PLTR stock’s trading volume averaged 65.298 Million shares for the last 10 days, whereas the last traded volume was 109.302 Million shares. The stock has a total of 1.807 billion shares in circulation and a market capitalization of $40.648 Billion.
As per the price action, the stock has been performing well lately. It surged by 22.03% this week and by 21.17% last month. However, the stock rose by 187.08%, since the start of the year and by 130.65% in the past 52 weeks.
Moreover, it seems like the stock is geared for a remarkable rally ahead on the chart. As it seems bulls mobilize force to overcome the resistance level and ascend to new altitudes. Therefore, the possible targets are between $20 and $24.
For the stock, losing grip would mean breaching below $17, and heading toward the $13 mark. Currently, the stock is trading above the major exponential moving averages, which are supporting the price momentum. The MACD shows a bullish cross for PLTR stock price.
Price Prediction of PLTR Stock Price For 2023
The stock price could reach a potential high of $26 and an average of $20 before the December end of 2023.
Price Prediction of PLTR Stock Price For 2024
If PLTR stock price reaches a high of $26, then in 2024 the stock might go $41 and deliver an ROI of 57.69% to the investors. Meanwhile, the average could be $30 and the potential low could be $22, which shows year-to-year change of 50% and 69.23%, respectively.
Price Prediction of PLTR Stock Price For 2025
Moreover, if PLTR succeeds in hitting the $41 mark by 2024, it could go as high as $55 by 2025 end. This could give an investor an ROI of 111.54%, with a year-over-year change of 34.15%. On top of that, the average could be $47 and the potential low could be $39, which shows a year-over-year change of 56.67% and 77.27% respectively.
Price Prediction of PLTR Stock Price For 2023-2025
When Will PLTR Hit $55?
As per the analysis, the stock price could go to $55 by the end of the year 2025, if all goes smoothly as predicted. Also, the company has been investing in innovation and expansion, and its earnings for the quarter showed the results of its strategic initiatives and growth potential.
The company has a loyal customer base, a strong brand image, and its earnings for the next quarter could enhance its reputation and increase its stock price. Moreover, the stock is poised for a remarkable rally ahead on the chart. As it seems bulls are preparing to overcome the resistance level and soar to new heights.
Currently, the stock is trading above the major exponential moving averages and the MACD shows a bullish crossover.
Technical Levels
Support Levels: $17 and $13
Resistance Levels: $20 and $24.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/11/07/palantir-technology-price-prediction-2023-2025-can-it-rise-more/