Palantir stock jumps ahead of quarterly results

What happened: Palantir (PLTR) stock jumped more than 2% in premarket on Monday.

What's behind the move: Shares of the data and analytics software company edged higher as the overall market was set to rise, with the company set to report its fiscal Q2 results after the bell.

Investors will be paying close attention to the company's progress on commercial agreements, which have accelerated this year, and renewals of overseas contracts.

Earlier this year, Palantir's Maven Smart System became an official Pentagon program of record, locking in a bigger role for the company in US military AI projects for years to come.

What else you need to know: Palantir stock is down more than 30% year-to-date, as the company was caught up in the AI disruption scare earlier this year that hit the entire software complex.

Wall Street is still bullish on the stock, with D.A. Davidson's Gil Luria noting last month that Palantir has a key advantage with its orchestration tool — the ability to switch between AI models with minimal disruption.

Luria has a Buy rating on the stock and $175 price target.

Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.

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