Palantir Is Down 16% From Its High. History Suggests This Is What Happens Next.
Yahoo Finance ·
Palantir Technologies ' ( PLTR -9.73% ) strong business results have supported significant valuation gains for the stock. The third quarter saw the company's revenue increase 96% year over year to $2.31 billion, and its net income surged 137% from the prior-year period to roughly $1.13 billion. Despite the strong overall results, the company's stock has pulled back in subsequent trading due to concerns about slowing growth in commercial contract values, slower expansion in international markets, and bearish pressure on companies in the broader artificial intelligence (AI) space. Palantir stock is down roughly 1% year to date, and the company's share price is down 16% from the lifetime high it reached last month. What does history suggest happens next for the stock? In its recent quarterly report, Palantir guided for sales between $2.649 billion and $2.653 billion in the current quarter. Meanwhile, non-GAAP (generally accepted accounting principles) adjusted operating income is projected to be between $1.64 billion and $1.644 billion. The company has built a very strong track record of surpassing its own guidance and Wall Street estimates, and this outperformance has generally helped generate wins for investors who bought Palantir stock and took a buy-and-hold approach. Of course, investors have to keep in mind that past performance does not dictate future results. While Palantir has been a publicly traded company for a little over six years, that's still a relatively short period in the grand scheme of things.
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