Palantir Technologies Inc ( PLTR ) shares are trading at all-time highs on Thursday on what appears to be continued momentum in the wake of the company’s strong fourth-quarter financial results. Here’s what you need to know.

What To Know: Palantir ( PLTR ) reported financial results for the fourth quarter after the market close on Monday that exceeded analyst expectations. The stock rallied more than 20% on Tuesday and then tested support around $100 for most of the day on Wednesday. Palantir ( PLTR ) shares bounced off the $100 level Thursday morning and raced to new highs.

Palantir ( PLTR ) reported fourth-quarter revenue of $827.52 million, well ahead of estimates of $775.91 million, and adjusted earnings of 14 cents per share, versus estimates of 11 cents per share. Palantir ( PLTR ) also issued strong revenue guidance above analyst estimates, according to Benzinga Pro.

Total revenue grew 36% year-over-year, driven by strong U.S. revenue growth of 52% year-over-year. U.S. Commercial revenue increased 64% year-over-year to $214 million and U.S. Government revenue was up 45% year-over-year to $343 million.

Palantir’s customer count grew 43% year-over-year and 13% on a quarter-over-quarter basis after closing 129 deals worth over $1 million during the quarter and 58 deals worth at least $5 million.

“We are still in the earliest stages, the beginning of the first act, of a revolution that will play out over years and decades,” Palantir ( PLTR ) CEO Alex Karp said in a letter to shareholders. 

“This is not an incremental advance or marginal acceleration of our business. This is a new phase. And the momentum we are seeing across sectors, both commercial and government, is unlike anything that has come before.”

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Several analysts also lifted price targets above $100 following the company’s quarterly results. Citigroup raised its price target from $42 to $110, UBS raised its target from $80 to $105, DA Davidson moved from $47 to $105 and BofA Securities raised its target from $90 to $125.

Wedbush’s Dan Ives remains one of the biggest Palantir ( PLTR ) bulls on Wall Street. In an interview on CNBC this week, the analyst said buying Palantir ( PLTR ) stock today could be like buying Tesla stock in 2015. According to data from Benzinga Pro, Tesla shares rallied roughly 3,000% from 2015 to the peak in 2021.

Palantir ( PLTR ) also announced Thursday that it added xAI’s Grok to its lineup of LLMs on its Artificial Intelligence Platform, which may be helping fuel some of Thursday’s gains.

PLTR Price Action: Palantir ( PLTR ) shares are up nearly 42% year-to-date. At publication time, the stock was trading at $109.47, last up about 8%, according to Benzinga Pro.