Palantir Stock Rises as It Shifts Listing To Nasdaq

Palantir Technologies (PLTR) shares are rising in premarket trading Friday after the analytics software provider said it is shifting its listing to the Nasdaq from the New York Stock Exchange.

The company, a retail investor favorite, said it will transfer the listing of its Class A common shares to the Nasdaq Global Select Market, with trading set to start on Nov. 26. Its common shares will continue to trade under the “PLTR” symbol, it said.

“Upon transferring, Palantir anticipates meeting the eligibility requirements of the Nasdaq-100 Index,” the company said.

Nasdaq 100 Members Include Microsoft, Apple, and Nvidia

The Nasdaq 100 is a collection of the 100 largest, most actively traded companies listed on the Nasdaq stock exchange and its components include the world’s three largest companies by market capitalization: Apple (AAPL), Microsoft (MSFT), and Nvidia (NVDA), the lynchpin of the artificial intelligence (AI) boom. 

Earlier this month, the Denver-based Palantir, which has large commercial and government contracts, posted quarterly results that came in well ahead of expectations, although some analysts have said its shares are overvalued. 

The company, co-founded by billionaire investor Peter Thiel, benefits from “a more entrenched retail investor following relative to everything else we cover,” Deutsche Bank analysts said.