Palantir jumps 9% to a record after announcing move to Nasdaq
Summary
Palantir shares continued their torrid run on Friday, soaring as much as 9% to a record, after the developer of software for the military announced plans to transfer its listing to the Nasdaq from the New York Stock Exchange. While changing listing sites does nothing to alter a companys fundamentals, board member Alexander Moore, a partner at venture firm 8VC, suggested in a post on X that the move could be a win for retail investors because "it will force" billions of dollars in purchases by exchange-traded funds. Last Monday after market close, Palantir reported third-quarter earnings and revenue that topped estimates and issued a fourth-quarter forecast that was also ahead of Wall Streets expectations. CEO Alex Karp wrote in the earnings release that the company "absolutely eviscerated this quarter," driven by demand for artificial intelligence technologies. The analysts still have a long-term buy rating on the stock and said in a report last week that the company had a "stellar" quarter, but they downgraded their 12-month recommendation to a hold.
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