Palantir's stock extends rally after company announces latest deal
By Emily Bary
Panasonic Energy will use Palantir technology in a Nevada factory
Palantir Technologies Inc. reached a deal to provide technology to Panasonic Energy Co. Ltd., the companies said Wednesday.
Through the multi-year arrangement, Panasonic will use Palantir's (PLTR) Foundry technology at a Nevada factory in order to integrate sensors on factory lines, automate tasks and connect operations.
"The agreement expands Palantir's signature platform including artificial intelligence and edge capabilities in the manufacturing space," the companies said in a release.
Shares of Palantir were ahead 6.0% in morning trading Wednesday, putting them on track to extend gains into a third straight session. The stock advanced 6.5% over the prior two sessions this week, during which time the company made various other announcements, including that it won a special-ops contract valued at up to $463 million and that it is introducing a new AI integration.
Palantir's stock has made a sharp move higher over the past month, more than doubling in that span, and is ahead 155% on a year-to-date basis.
See also: Cathie Wood's ARK loads up further on Palantir stock
Jefferies analyst Brent Thill wrote earlier this week that Palantir's rally comes "despite eight straight Qs of flat to decelerating growth" and that the stock was "among the more premium-priced stories in infra," trading at 11 times estimated 2024 revenue as of his Monday morning report. He had a hold rating on the name.
-Emily Bary
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06-07-23 1046ET
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