The post Will Palantir stock hit $50 in 2024 appeared on BitcoinEthereumNews.com.

Palantir Technologies (NASDAQ: PLTR) has been a company of particular interest among both investors and tech aficionados since acquiring several high-profile contracts from various governments going back to the mid-2010s. However, it hasn’t exactly been smooth sailing since the company’s long-anticipated 2020 initial public offering (IPO). Having debuted at a share price of $10 in September 2020, PLTR stock rapidly rose to a $35 all-time high in January 2021 before entering a significantly lengthy downtrend.  From April 2022 to April 2023, Palantir stock even traded below its initial $10 initial offering price. PLTR stock YTD price chart. Source: Finbold Since then, PLTR’s stock price has steadily recovered — it is up 88.33% year to date (YTD), and although it is still some 12.9% away from its vaunted all-time high as of press time, investors have their minds set on an even loftier goal — is Palantir’s long-awaited big break coming, and will the stock climb as high as $50? Is Palantir’s rise sustainable? Sustainability has been a continual worry when it comes to PLTR. Although the company’s platforms and services saw relatively widespread adoption by governments across the globe, investors were apprehensive. First and foremost, the company’s reliance on those same government contracts was seen as problematic. While no one would claim that this is a bad thing in and of itself, investors were worried that the company was effectively “pigeonholing” itself into a single, dominant revenue stream — one that would be vulnerable to competition and disruption. These weren’t unfounded worries, either — historically, PLTR’s revenue was reliant on government contracts, although that tide has begun to shift somewhat.  Is Palantir diversifying? The company’s latest earnings report, published on August 5, noted an 83% year-over-year (YoY) increase in US commercial customer count, as well as a 55% YoY increase…

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Filed under: News - @ September 3, 2024 2:21 pm