Palantir stock pops 8% after it left NYSE for the Nasdaq
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Shares of Palantir Technologies (PLTR+11.47%) rose 8% on Friday afternoon following the company’s announcement that it will move its stock listing from the New York Stock Exchange (ICE-0.61%) (NYSE) to the tech-heavy Nasdaq (NDAQ+0.92%). The decision marks a strategic shift for the data analytics software company, which has been gaining traction in both the market and the broader tech industry.
Palantir, which recently secured a spot in the S&P 500 index, confirmed that it will retain its ticker symbol, PLTR, after the transition. Trading under the new listing is scheduled to begin on November 26. The company announced that it will transfer the listing of its Class A common shares to the Nasdaq Global Select Market, which represents the exchange’s highest tier for companies meeting stringent financial and liquidity requirements.
Known for its advanced AI tools used by military and intelligence agencies, Palantir has become a prominent player amid the tech world’s ongoing AI surge. The latest move positions Palantir alongside many of its tech-sector peers, reflecting its ambition to solidify its reputation as a key player in the data analytics and artificial intelligence space.
In its latest earnings report, the company posted better-than-expected results, which surged the price of shares even higher. The stock (PLTR+11.47%) is currently trading at $64, gaining 287% so far this year.
