Palantir Technologies Inc. (PLTR) closed at $26.34 in the latest trading session, marking a -1.05% move from the prior day. This change lagged the S&P 500's daily gain of 1.39%. At the same time, the Dow added 0.83%, and the tech-heavy Nasdaq gained 1.97%.
Heading into today, shares of the company had lost 5.06% over the past month, lagging the Business Services sector's loss of 2.47% and the S&P 500's gain of 2.58% in that time.
Wall Street will be looking for positivity from PLTR as it approaches its next earnings report date.
It is also important to note the recent changes to analyst estimates for PLTR. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. PLTR currently has a Zacks Rank of #3 (Hold).
Digging into valuation, PLTR currently has a Forward P/E ratio of 150.82. For comparison, its industry has an average Forward P/E of 32.74, which means PLTR is trading at a premium to the group.
The Technology Services industry is part of the Business Services sector. This industry currently has a Zacks Industry Rank of 176, which puts it in the bottom 31% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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