Palantir (PLTR) Reports Record Quarter, Benchmark Maintains Hold Rating

D. E. Shaw ranks among the list of the richest hedge fund managers in the world. Accounting for a 0.95% share of the billionaire’s portfolio, Palantir Technologies Inc. (NASDAQ:PLTR) ranks among D. E. Shaw’s top stock picks.

Palantir Technologies Inc. (NASDAQ:PLTR) released its first-quarter report on May 4, with what it described as the company’s best quarter after going public. The company reported total revenue of $1.63 billion, indicating 85% year-over-year growth and 16% sequential growth. Adjusted earnings per share of $0.33 surpassed the average estimate of $0.28 by 17.86%.

Palantir’s US operations delivered the most notable result, growing 104% year-over-year to $1.28 billion. This expansion was driven by strong performance in both the commercial and government sectors. The US commercial sector performed best, with a customer count of 615, up 42% year-over-year and 8% quarter-over-quarter.

Following Palantir Technologies Inc.’s (NASDAQ:PLTR) first-quarter results, Benchmark reiterated its Hold rating on the company’s shares. The firm stated that geopolitical unrest in the Middle East will continue to boost demand for AI solutions such as Palantir’s in the near future.

Palantir Technologies Inc. (NASDAQ:PLTR) is a software company that develops and deploys data integration and analytics platforms for government agencies, defense organizations, and enterprise clients. Its notable products include Palantir Gotham, Foundry, and Apollo.

While we acknowledge the risk and potential of PLTR  as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than PLTR and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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