The software company beat third-quarter earnings and revenue estimates
Palantir Technologies Inc (NYSE:PLTR) stock was last seen up 20.2% to trade at a fresh record high of $50.62, after the software name reported better-than-expected earnings and revenue for the third quarter. The latter figure rose 30% from a year prior, and the company attributed these results to "unrelenting
artificial intelligence (AI) demand."
In response, five analysts hiked their price objectives, including Wedbush to $57 from $45. There's additional room for optimism, as 12 of the 14 analysts in coverage still call PLTR a tepid "hold," while the 12-month consensus target price of $33.28 is now a roughly 33% discount to current levels.
The security is adding to its 141.1% year-to-date lead, and is currently pacing for its best single-day percentage gain since February. Shares are bouncing off their supportive 30-day moving average, which also captured an early September pullback.
The options pits are buzzing today, with 458,000 calls and 275,000 puts exchanged so far, which is 6 times the volume typically seen at this point. The most popular contract by a wide margin is the weekly 11/8 50-strike call, where new positions are being bought to open.
This represents a shift in sentiment. While calls still outpaced puts, PLTR's 10-day put/call volume ratio over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) stands in the top percentile from the past year.