Palantir surges 8% to new ATH as company plans transfer to Nasdaq 📈

Shares of Palantir Technologies (PLTR.US) are gaining 8%, after the company indicated that it will move its shares off the NYSE and be listed on the Nasdaq Global Select market; the company intends to comply and be included in the Nasdaq 100 index as of November 26.

Palantir also renewed a multi-year agreement with Rio Tinto Group, a global mining and metals company. The agreement will give Rio Tinto access to Palantir's artificial intelligence platform for another four years. Already using Palantir Foundry for years, Rio Tinto has already developed a model for its so-called “Ontology” digital twin, which acts as an intelligent data structure for the company's core business operations. 

The company said it introduced a set of new features and toolkits for developers, at its first developer conference earlier this week. The event brought together a group of 150 private and government leaders to learn about the AIP (Application Integration Platform) offerings. Tools that Palantir showcased included Ontology SDK 2.0, Platform APIs, and Workflow Builder. The company is also working on more, including Agent Studio, Platform Branching, Compute and Multi-Modal Data Plane. Palantir claims that with its AIP for developers, home builder Lennar (LEN.US) was able to build projects '50 times faster.

Palantir shares (PLTR.US)

Palantir's shares are trading at twice the premium to the EMA200 (red line); investors hope the company's new platforms will significantly improve its revenues and profits in the coming years, and are paying a huge premium for it, with the price-earnings ratio at 300.

Source: xStation5

Palantir financial dashboards

Investors pay a huge premium for Palantir stock, with P/E Forward at 130 and EV/EBITDA at 350. Investors expect that new AI platforms will make Palantir sales surge further, which may be the reason why this premium actually exists. Also, company has a wide moat in AI and deep data analysis usage across defense sector.

Source: XTB Research, Bloomberg Finance L.P.

Source: XTB Research, Bloomberg Finance L.P.