Palantir Technologies shares rocketed higher Tuesday after earnings results comfortably beat expectations. Many analysts are wary the analytics software provider is overvalued.

Shares of Palantir ( PLTR 23.47%) were soaring today after the artificial intelligence (AI)-focused software stock posted better-than-expected results in its third-quarter earnings report last night, as revenue growth accelerated for the fifth quarter in a row. It posted strong margin expansion as well.

Shares of Palantir (PLTR) rose over 20% on Tuesday morning after the data analytics software platform reported third quarter earnings and outlook far above Wall Street’s expectations.

Palantir Technologies shares powered firmly higher in early Tuesday trading Palantir (PLTR) , which was added to the S&P 500 last month, has established itself as key player in the defense industry, with a host of contracts with domestic and international agencies that focus on its data analytics and AI technologies.

Palantir Technologies (PLTR) has emerged as a stock market favorite in 2024, joining the ranks of other high-performing companies like Nvidia (NVDA). The company’s stock has delivered an astounding 141% gain year-to-date,

Palantir Technologies reported strong Q3 earnings, but high valuation and potential risks raise concerns. Click here for my PLTR stock update and a look ahead.