Shares of Palantir Technologies Inc. (NYSE: PLTR) experienced a significant surge, climbing 4.0% towards a three-month high during morning trading. This comes on the heels of a remarkable 20.4% increase on Thursday, following the release of the software company's impressive third-quarter results, showcasing robust demand for its artificial intelligence platform.
Initially, the stock encountered a minor setback, declining by as much as 1.2% after the market opened. However, it quickly reversed its course and soared by 27.2%, extending its winning streak to four consecutive days. This four-day performance marks the most substantial gain since it experienced a surge of 33.3% during a similar stretch that concluded on May 11.
Reaching New Highs
Although the current stock price is 6.5% below the closing high of $19.99 recorded on August 1, it remains the highest since November 30, 2021. Despite a slight decline of 0.1% over the past three months, Palantir's shares have demonstrated exceptional growth, skyrocketing by an impressive 191.1% year-to-date.
In comparison, the SPDR Software & Services ETF (NYSE: XSW) has witnessed a 15.0% increase this year, while the S&P 500 (INDEXSP: .INX) has advanced by 13.4%.