Palantir’s Stock Rises After Company Announces Transfer of Stock Exchange Listing to Nasdaq

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Palantir’s Stock Rises After Company Announces Transfer of Stock Exchange Listing to Nasdaq

Tiger Newspress11-15

U.S.-listed shares of Palantir rose 6.5% in Friday trading.

Palantir Technologies Inc. said Thursday that it plans to switch its listing to the Nasdaq from the New York Stock Exchange, a change that the company expects to take effect on Nov. 26. The move positions Palantir for more index eligibility, as Palantir anticipates meeting the requirements for the Nasdaq 100 index, which is made up of the largest non-financial companies listed on the exchange. The company had a $135 billion market capitalization as of Thursday’s close.

Investors can get excited about the prospect of new index entry because it means that funds tracking that index would have to buy Palantir shares. Addition into a high-profile index also serves as another sign of legitimacy to Wall Street.

The stock is having a banner year, up 245% over the course of 2024. That move ranks Palantir second in the S&P 500 on a year-to-date basis, behind only Vistra Energy Corp.,

which has seen its stock rise 259%.

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