Palantir jumps 11% to a record after announcing move to Nasdaq
Palantir's stock has been on a tear since the company's better-than-expected earnings report last week, which was a day before the U.S. presidential election.
Palantir shares continued their torrid run on Friday, soaring 11% to a record, after the developer of software for the military announced plans to transfer its listing to the Nasdaq from the New York Stock Exchange.
The stock jumped past $65.77 at the close, lifting the company's market cap to $150 billion. The shares are now up more than 45% since Palantir's better-than-expected earnings report last week and have almost quadrupled in value this year.
Palantir said late Thursday that it expects to begin trading on the Nasdaq on Nov. 26, under its existing ticker symbol "PLTR." While changing listing sites does nothing to alter a company's fundamentals, board member Alexander Moore, a partner at venture firm 8VC, suggested in a post on social media site X that the move could be a win for retail investors because "it will force" billions of dollars in purchases by exchange-traded funds.
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