By Sinead Carew
(Reuters) – Shares of Palantir Technologies Inc (PLTR) rose more than 6% on Friday to hit a record high after it announced late on Thursday it would list on the Nasdaq and expects to qualify to join the Nasdaq 100- index.
The data analytics software company said it would change its stock listing from the New York Stock Exchange and begin trading on Nasdaq on November 26.
Including it in the Nasdaq 100 index would mean that “anyone using the Nasdaq index as a benchmark will have to buy PLTR,” said Kenny Polcari, chief market strategist for SlateStone Wealth, in a research note.
Palantir has already benefited from the rise of GenAI technology, as more companies turn to its AI platform, which is used to test code, debug errors and evaluate AI-related scenarios.
The stock last traded at $62.90, after previously hitting a high of $63.50, compared to the $39 average price target of Wall Street analysts according to LSEG, which reflects ratings from 19 analysts.
Year-to-date, Palantir shares are up about 267%, including a gain of about 47% over the seven sessions following the Nov. 4 quarterly update, when the company raised its 2024 revenue guidance.
Palantir’s shares trade at about 130 times forward earnings estimates, compared to the two-year average of about 63.
(Reporting by Sinéad Carew, editing by Franklin Paul)
