Palantir Technologies Inc. (NASDAQ: PLTR) was trading at approximately $136.87 to $137.41 on Friday, May 22, within a session range of $134.30 to $139.02.
The stock’s 52-week range of $118.93 to $207.52 reflects a significant correction from the highs reached earlier in the year, with PLTR having pulled back sharply after a period of exceptional gains.
Palantir’s Q1 2026 revenue surged 85% year-on-year to $1.633 billion, beating analyst estimates, while earnings per share of $0.33 exceeded the consensus forecast of $0.28 by approximately 18%.
US revenue jumped 104% year-on-year and now represents 79% of total revenue, demonstrating the company’s dominant and deepening position in the domestic government and enterprise AI market.
Despite the earnings beat, the stock declined after hours on the day of its Q1 report, with analysts citing valuation concerns and questions about the sustainability of hypergrowth rates.
The most significant news on Friday was a report from Axios that Palantir is actively pushing the US Defense Intelligence Agency to explore private-sector solutions for its data analytics modernisation programme.
Such a contract win would represent a landmark expansion of Palantir’s work within the intelligence community and could serve as a significant revenue catalyst in the second half of 2026.
PLTR guided for Q3 2026 earnings per share of $0.37 and Q4 of $0.39, with revenue projections of $1.8 billion for Q3, pointing to continued strong growth momentum.
The average analyst price target for PLTR of $183.73 implies upside of approximately 34% from Friday’s price, with 19 analysts carrying buy ratings.
The stock continues to attract polarised views among investors, with bulls citing unmatched AI data analytics capabilities and bears pointing to a premium valuation relative to even fast-growing software peers.
