Palantir Technologies Inc. (PLTR) shares soared 8.5% in the last trading session to close at $80.55. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 20.9% gain over the past four weeks.

The stock has recorded the price hike as the company focuses on deploying AI models in production amid the commoditization of cognition due to the rapid advancements in AI models.

This company is expected to post quarterly earnings of $0.11 per share in its upcoming report, which represents a year-over-year change of +37.5%. Revenues are expected to be $780.67 million, up 28.3% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For Palantir Technologies, the consensus EPS estimate for the quarter has been revised 3.5% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on PLTR going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Palantir Technologies belongs to the Zacks Technology Services industry. Another stock from the same industry, Kyndryl Holdings, Inc. (KD), closed the last trading session 1% higher at $34.51. Over the past month, KD has returned 5.2%.

Kyndryl Holdings, Inc.'s consensus EPS estimate for the upcoming report has changed -18.6% over the past month to $0.41. Compared to the company's year-ago EPS, this represents a change of +920%. Kyndryl Holdings, Inc. currently boasts a Zacks Rank of #3 (Hold).

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