Palantir Technologies (NYSE: PLTR) stock rose over 1% on Thursday following a bullish comment from Jim Cramer.
In the latest installment of his widely-followed “Lightning Round” segment, Jim Cramer, the renowned host of CNBC’s “Mad Money,” has thrown his weight behind Palantir Technologies (PLTR), issuing a resounding buy recommendation.
According to a CNBC report, Cramer articulated his bullish outlook on Palantir during Wednesday’s broadcast. When pressed for his take on the company, Cramer didn’t mince words, asserting confidently,
“I think it goes higher.”
This marks a continuation of his previous support for the company, as evidenced by his ‘buy, buy, buy’ recommendation in February. This previous endorsement followed a notable surge in Palantir’s stock price, which followed better-than-expected fourth-quarter earnings and positive remarks from the CEO during the earnings call.
Palantir’s advancements in the fields of AI and defense have been notable. The company recently secured a pivotal role as a prime contractor for the U.S. Army’s Titan program, a development lauded by Palantir’s Chief Technology Officer, Shyam Sankar, as a significant illustration of AI’s influence on modern warfare.
The widespread adoption of Palantir’s AI platform has also been evident, with more than 20 new customers and partners, including the likes of OpenAI, showcasing their endeavors on the platform at the recent AIPCon.
Despite initial reservations surrounding Palantir, Cramer’s confidence in the company has grown, particularly after its Q4 earnings call. The perceived “insanity” of CEO Alex Karp and the narrative put forth by the company has further solidified Cramer’s positive stance on Palantir.
Palantir (NYSE: PLTR) Stock Performance
PLTR stock gained 1.15% to close at $26.46 on Thursday. The traders had exchanged hands with 115,641,422 (115.64 million) shares compared to the average daily trading volume of 70.43 million.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
