Palantir Technologies enters its June 3 earnings report at $160.65 — up 17% on the week and 11.5% on the month — with options traders now the most aggressively bullish they have been in recent months.
The clearest signal heading into the print is in options. The put/call ratio has fallen to 0.955, nearly two standard deviations below its 20-day average of 1.02. That is the most call-heavy reading in the past year, where the 52-week low on PCR is 0.61. This marks a decisive shift from where positioning stood just two weeks ago, when the ratio was running above 1.04. Traders are paying for upside exposure, not downside protection — an unusually pointed tilt for a stock reporting into a 17% weekly gain. The borrow market offers no counterweight to that optimism: availability remains extraordinarily loose at 8,649%, meaning there are roughly 86 shares available to borrow for every one currently lent out. Cost to borrow holds near 0.47% — essentially frictionless.
Short interest has moved in the opposite direction from options sentiment, though the absolute level remains modest. SI % FF has climbed to 2.94% — up 11% on the week and 31% over the past month — reversing the brief pullback flagged in prior notes. The five-day build in share count, from roughly 60 million to 67 million, is the most aggressive stretch in the recent history shown. Yet at under 3% of float, this is not a crowded short. Days to cover sits at 1.44. There is no structural squeeze pressure. The growing short base looks more like a valuation hedge against the stock's run than a high-conviction directional bet.
The valuation debate remains unresolved — and is arguably sharper now given the price move. PLTR trades at a trailing P/E above 91 and EV/EBITDA near 67, both of which have eased modestly over the past 30 days as earnings estimates moved higher. Factor scores back the bull case on momentum: EPS momentum ranks in the 91st percentile over 30 days and 85th over 90 days, with an EPS surprise ranking of 78th. The most recent analyst action post-May earnings saw Citigroup lift its target to $225 and Argus Research upgrade to Buy, while DA Davidson trimmed to $165 and RBC Capital reiterated an Underperform with a $90 target. The divide is stark: bulls point to AI-driven government and commercial contract momentum; bears argue the stock's multiple prices in a decade of flawless execution. The consensus sits at Hold with a mean target around $185 — well below where PLTR is now trading, a gap that makes the analyst debate almost secondary to what the company actually delivers at the release.
The last print, on May 5, sent the stock down 5.7% on the day and a further 0.3% over the following five sessions — a reaction that makes the subsequent 17% weekly recovery all the more unusual as context. The June 3 report is therefore less a question of whether Palantir's AI franchise is growing and more a test of whether the numbers delivered at $160 can satisfy a market already priced for continued acceleration.
See the live data behind this article on ORTEX.
Open PLTR on ORTEX →ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
