Palantir Stock Pops on Major Military Contract

A shift in sentiment is sure to boost the shares

Deputy Editor
Mar 6, 2024 at 9:25 AM
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Shares of Palantir Technologies Inc (NYSE:PLTR) are 9.4% higher before the bell following a multi-million dollar contract. Specifically, Palantir inked a $178.4 million deal with the U.S. Army to develop 10 artificial intelligence (AI)-powered ground stations for the Tactical Intelligence Targeting Access Node, or TITAN, project.

With all the hype surrounded artificial intelligence (AI) developments, PLTR has soared up the charts and is today looking to open at its highest level since November 2021. Coming into today, the shares were already 38.7% higher for 2024 and boasted a 187.6% year-over-year lead.

The majority of covering brokerages firms are hesitant, with 11 of 14 rating Palantir Technologies stock a tepid "hold" or worse, while two recommend a "buy" or better. In addition, the current 12-month consensus target price is $18.71 -- a 28% discount to last night's close. This leaves ample room for analysts to change their tune.

Now may be an ideal time to weigh in on Palantir Technologies stock's next move with options. This is per PLTR's Schaeffer's Volatility Index (SVI) of 58% stands in the relatively low 18th percentile of readings from the last 12 months. This means the options market is pricing in low volatility expectations for the equity right now.


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