What happened
Shares of Palantir Technologies (NYSE:PLTR) surged on Friday after a star investor reportedly bought more of the data analytics company's stock.
As of 2:25 p.m. EST, Palantir's share price was up more than 15%.
So what
On Wednesday, Goldman Sachs analyst Christopher Merwin lifted his rating on Palantir's stock from neutral to buy and boosted his price forecast from $13 to $34. Merwin applauded Palantir's fourth-quarter results, which included revenue growth of 47%, to $1.1 billion.
Merwin was also pleased by management's projection of greater than 30% revenue growth in fiscal 2021, as well as its long-term goal of $4 billion in revenue by fiscal 2025. He argued that Palantir's $2.8 billion backlog of total deal value at the end of 2020 suggests that the company is well on its way to hitting its expansion targets.
Analysts see plenty of upside for Palantir Technologies' shareholders. Image source: Getty Images.
Ark Invest's Cathie Wood apparently agrees with Merwin's optimistic view of Palantir's future. On Friday, CNBC reported that the respected fund manager increased her firm's stake in Palantir in recent days.
Now what
Investors may also be breathing sighs of relief that Palantir's lock-up period expired on Thursday. Company insiders were restricted from selling a significant portion of Palantir's shares following its direct listing in September. Those shares are now freely available to trade. And with Palantir's stock price rising sharply today, rather than falling, investors are likely less concerned that insiders will rush to cash out any time soon.
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2021-02-19 19:41:07Z
CBMiSmh0dHBzOi8vd3d3LmZvb2wuY29tL2ludmVzdGluZy8yMDIxLzAyLzE5L3doeS1wYWxhbnRpci1zdG9jay1zb2FyZWQtdG9kYXkv0gEA
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