$PLTR-ing to Deep Space, lead AI New frontier.
Looks ready to skyrocket
$Palantir Technologies Inc.(PLTR)$ is having an excellent week that only seems to be getting better.
The big data analytics firm recently reported impressive Q4 2023 earnings, demonstrating new highs for both profit and sales.
Q4 2023 earnings.
Earnings per share: $0.08 adjusted vs. $0.08 expected by LSEG, (formerly known as Refinitiv)
Revenue: $608.4 Million vs. $602.4 Million expected, a +20% YoY.
Net income: $93.4 Million ($0.04 cents per share) vs $30.9 Million ($0.01 per share) YoY.
Q1 2024 Outlook.
Revenue: Between $612 Million & $616 Million vs $617 Million expected.
Revenue (FY 2024): Between $2.65 Billion & $2.67 Billion vs $2.66 Billion expected.
Of late, PLTR is trending for yet another positive reason.
The company has signed a memorandum of understanding (MOU) with space exploration leader Voyager Space.
This team-up agreement allows Palantir to bring its artificial intelligence (AI) and machine learning (ML) technology:
Into the commercial space domain.
Provide an edge that could help strengthen national security capabilities.
It is no secret that Palantir’s dynamic reach across multiple tech markets, has made it a winner among AI stocks.
Now it is venturing into even more lucrative areas, giving investors more reason to bet on it.
Once again, the company appears to be strategically placing itself to offer investors exposure to another booming market.
PLTR to the Moon.
When a stock shoots up > +5% in value in just 5 days, it is difficult not to be impressed.
That is exactly what is being witnessed from PLTR of late.
Indeed, while shares have not seen much growth for most of the past month, it is now managing a successful turnaround.
This growth is due mostly to the Q4 earnings smash, but partnering with Voyager Space is also an important step and for multiple reasons.
What are they?
Firstly, commercial space markets are skyrocketing in more ways than one.
Recent data indicates that the space tourism market is expected to expand at a compound annual growth rate (CAGR) of almost 50% between 2024 and 2032.
Space stocks that can secure a share of the lucrative and fast-growing space markets, will likely have tremendous growth potential.
Although Voyager is still privately held, by joining forces with it, Palantir could establish itself as a space stock, attracting even more interest from investors.
Another reason why this agreement is an important step.
(It is a fact that ) Palantir has a demonstrated history of using its technology to enhance national security measures.
In June 2023 alone, it received 3 contracts to provide data-as-a-service (DaaS) capabilities to the US Air Force.
This signed MOU allows Palantir to use its expertise in Artificial Intelligence (AI) to improve national security in the business of space exploration.
This comes as AI and machine learning (ML) are rapidly changing the space industry.
This partnership could make Voyager a leader in its sector and boost PLTR as it grows.
Ready to Blast Off
2024 is looking like an excellent year for both AI stocks & space stocks.
What’s more, Palantir is staking its place at the forefront of both these sectors.
As per InvestorPlace contributor Vandita Jadeja predicts, if PLTR continues expanding its reach across these industries, it may even double investors’ money.
All told, it is fitting that PLTR is venturing into the space domain.
Only need to look at Space-X’s federal contract with the US government.
It runs into the Billions and it has been the company’s main revenue source for a while now. (see above)
Now imagine, PLTR having similar “federal” contract in deep space exploration.
Does not require too much imagination - does it!
Looks ready to skyrocket!
PLTR’s weekly performance.
Palantir has a modest gain of +6.63% for week ending 08 Mar 2024.
It “bottomed” on Tue, 05 Mar 2024 at $23.59 per share.
It did not look back since then, even when US market consolidated over last 2 trading days (Mar 7-8) of the week over Non Farm payroll data report.
“Fortune favours the bold” and rewards them handsomely. Agree?
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