Palantir Technologies Inc. (PLTR) shares are on track to achieve their longest winning streak in over a year, buoyed by a rally in companies associated with government business. With a 1.1% increase in midday trading on Thursday, the stock is poised to extend its streak for a seventh consecutive trading day. This would surpass the previous record set on October 4, 2022, when Palantir shares experienced eight consecutive sessions of growth, according to Dow Jones Market Data. Notably, the stock has surged by an impressive 21.7% during this seven-day period.
Palantir’s CEO Addresses Skeptics and Believers
Palantir, renowned for its software offerings to governments, witnessed a 6% rise in shares on Monday. The upswing was in tandem with other companies involved in government and defense projects, such as Northrop Grumman Corp. (NOC) and Lockheed Martin Corp. (LMT), which experienced positive momentum following the unexpected attack on Israel by Hamas. Additionally, Palantir announced on Tuesday that it secured a new contract from the U.S. Army centered around artificial intelligence.
Resilient Performance: Year-to-Date Growth
Despite experiencing a significant setback from its all-time closing high of $39 in January 2021 (representing a 53% decline), Palantir’s stock has surged by an impressive 182% so far this year.
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