Wedbush analyst Dan Ives is out with an early reaction to Palantir's "eye-popping" results, featuring beats across the board.

Palantir Technologies (NYSE: PLTR) has seen its share price surge 170% since January as investors have become increasingly confident in the company's artificial intelligence (AI) software. That makes Palantir the third-best performing stock in the S&P 500 (SNPINDEX: ^GSPC) year to date.

After a 150% rally that’s added about $60 billion in market value, Wall Street thinks Palantir Technologies Inc. has gotten way ahead of itself.

Palantir Technologies shares powered firmly higher in early Tuesday trading Palantir (PLTR) , which was added to the S&P 500 last month, has established itself as key player in the defense industry, with a host of contracts with domestic and international agencies that focus on its data analytics and AI technologies.

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Palantir shares jumped in extended trading on Monday after the analytics software provider topped third-quarter earnings estimates and lifted its full-year revenue outlook amid robust demand for its AI offerings.

Shares in Palantir Technologies Inc. were up over 12% in late trading today after the big data analytics company reported stronger-than-expected earnings and revenue in its fiscal third quarter and revised its full-year outlook upwards.