Palantir Technologies Inc (NYSE:PLTR) shares are trading higher in Thursday's after-hours session after the company announced it will transfer its stock listing to the Nasdaq.
What Happened: After the market close on Thursday, Palantir announced that it would transfer the listing of its Class A common stock from the New York Stock Exchange to the Nasdaq Global Select Market.
Palantir said it expects to begin trading as a Nasdaq-listed company on Nov. 26. The stock will continue to trade under the ticker symbol "PLTR."
"Upon transferring, Palantir anticipates meeting the eligibility requirements of the Nasdaq-100 Index," the company said.
Palantir has been one of the hottest stocks of the year, having gained approximately 245% year-to-date, driven by the company's positioning in the AI space.
Palantir shares really took off at the beginning of November after the company reported strong quarterly results driven by "unrelenting" AI demand.
Revenue jumped 30% year-over-year on continued strength in the U.S. customer count grew 39% year-over-year after the company closed 104 deals worth over $1 million during the quarter.
"The growth of our business is accelerating, and our financial performance is exceeding expectations as we meet an unwavering demand for the most advanced artificial intelligence technologies from our U.S. government and commercial customers," Alex Karp, co-founder and CEO of Palantir, said in a letter to shareholders.
PLTR Price Action: Palantir shares were up 3.87% in after-hours, trading at $61.47 at the time of publication Thursday, according to Benzinga Pro.
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