Palantir share price: new contract to see it soar in the spring?

The Palantir (NYSE: PLTR) share price hit a record $ 35 per share on January 29, 2021, as the data analytics firm was dragged down by the tidal wave of Reddit-based meme stocks. . But over the past year, it has fallen over 50% to below $ 17 today.

However, when the company was first listed in September 2020, it started trading at just $ 10 per share. And strong third-quarter earnings along with several new contracts could see it skyrocket through 2022.

Palantir share price: Q3 results

Named after the vision stones in Tolkien’s Magnum Opus, “The Lord of the Rings”, Palantir “build platforms for integrating, managing and securing data upon which we overlay applications for fully interactive, human-driven and machine-assisted analysis. ‘ And this business formula seems to be working well.

In Q3 results, Palantir posted an impressive 36% year-over-year revenue growth to reach $ 392 million. And as it branched out from government contracts, US trading revenues grew 103%. In addition, it added 34 new net customers, increasing its number of business customers by 46% quarter over quarter.

And after closing 54 new deals, 18 of which were worth $ 10 million or more, the total value of all his trades grew 50% year-on-year to $ 3.6 billion.

For long-term investors, this is just the latest positive quarterly result. Year-to-date revenue is up 44% year-on-year to $ 1.1 billion, while its number of business customers has increased 135% since December 31, 2020. The FY21 revenue growth is expected to increase 40% to $ 1.53 billion and CEO Alex Karp believes revenue will continue to grow 30% annually through 2025.

In addition, Palantir has announced a host of new agreements since these results, with both government and commercial operators. More recently he signed a memorandum agreement with Hyundai Heavy Industries (HHI) “to create a big data platform for HHI’s core businesses, including shipbuilding and offshore engineering.” In the long term, the companies “plan to create a joint venture specializing in the development and sale of big data platform services.”

HHI is working on a “Future of Shipyard” project to transform into a “first-of-its-kind” smart shipyard by 2030. CEO Kisun Chung expects the partnership to “dramatically improve the competitiveness of the core businesses of the group “.

The data analytics company also announced a strategy Partnership with and signed a multi-year contract agreement with North American energy infrastructure giant Kinder Morgan. Palantir COO Shyam Sankar believes that “Energy companies like Kinder Morgan have vast amounts of data from disparate sources that rarely interact, and we believe Foundry is the best tool in the market for solving this complex problem.”

And the company also agreed to a new Partnership with Dewpoint Therapeutics, helping analyze laboratory data to identify new compounds and therapeutic approaches. Palantir Biotech Director Lalarukh Haris Shaikh said Dewpoint needed “a breakthrough solution that goes beyond cloud and infrastructure.”