Palantir Technologies Inc. ( PLTR ) shares hit new all-time highs on Wednesday, continuing to surge on the back of strong earnings to start the week. Here’s what you need to know.

What To Know: Palantir ( PLTR ) stock has been on a tear this week, gaining nearly 25% over the past five sessions. The stock jumped about 12% late Monday after the company reported better-than-expected financial results for the third quarter.

Palantir ( PLTR ) reported earnings per share of six cents, beating analyst estimates of four cents. The company reported sales of $725.52 million, beating analyst estimates of $701.13 million and representing a 30% year-over-year climb. Strong sales results were driven by continued strength in the U.S.

Customer count grew 39% year-over-year and 6% on a quarter-over-quarter basis. The company said it closed 104 deals worth over $1 million during the quarter.

“We absolutely eviscerated this quarter, driven by unrelenting AI demand that won’t slow down,” CEO Alex Karp said in the earnings release.

Don’t Miss: Palantir ( PLTR ) Q3 Earnings: Revenue Beat, EPS Beat, Customers Up 39%, Guidance Raise — Results Driven By ‘Unrelenting AI Demand That Won’t Slow Down’

Palantir ( PLTR ) shares continued to move higher on Tuesday amid several positive analysts updates in response to earnings. Northland Capital Markets analyst Michael Latimore maintained a Market Perform rating on Palantir ( PLTR ) and raised the price target from $35 to $38. Mizuho raised its price target from $30 to $37 and DA Davidson lifted its target from $28 to $47.

Wedbush analyst Dan Ives maintained an Outperform rating on the stock and raised his price target from $45 to $57, citing “robust” quarterly results featuring “beats across the board” and a continued acceleration of deal momentum related to the company’s AI platform.

Palantir ( PLTR ) shares jumped at the open again on Wednesday, hitting new all-time highs as broader markets soared after Donald Trump won the 2024 U.S. presidential election. Markets may be reacting to potential shifts in policy that could come with a second Trump presidency, including tax cuts and changes to trade tariffs.

PLTR Price Action: At the time of publication, Palantir ( PLTR ) stock is up 5.26% at $54.02, according to data from Benzinga Pro.

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