Palantir Ends First Day Trading at $9.50 - TheStreet

Palantir Ends First Day Trading at $9.50

Palantir, a data analytics software provider to the government, is backed by Peter Thiel.
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Data analytics software provider Palantir  (PLTR) - Get Report closed slightly below its opening trading price, Wednesday. 

The stock opened at $10 on the New York Stock Exchange, up 38% from a reference price of $7.25 for its direct listing initial public offering. Shares closed the day at $9.50. 

Palantir provides its product to government agencies. It's backed by Silicon Valley venture capitalist Peter Thiel, among others.

In a statement last week, Palantir said its share price averaged $9.17 volume-weighted in private sales on Sept. 1. That indicated a valuation of about $19 billion for the company ahead of its listing, Barron’s reported.

For the third quarter, Palantir forecast revenue of $278 million to $280 million, representing year-over-year growth of 46% to 47%.

It predicted non-GAAP operating income of $60 million to $62 million, excluding stock-based compensation, related payroll tax expenses and approximately $54 million of one-time expenses related to the direct listing.

The company also sees non-GAAP operating income of $6 million to $8 million, excluding stock-based compensation and related payroll tax expenses but including the one-time direct listing expenses.

For all of 2020, Palantir estimated revenue at $1.05 billion to $1.06 billion, representing year-over-year growth of 41% to 43%.

Palantir put non-GAAP operating income at $116 million to $126 million, excluding stock-based compensation, related payroll tax expenses and the approximately $54 million of one-time expenses related to the listing.

The company said it expects non-GAAP operating income at $62 million to $72 million, excluding stock-based compensation and related payroll tax expenses and including the one-time direct listing expenses.

Palantir represents the latest in a slew of IPOs this year that has totaled more than $95 billion.