Palantir Technologies shares rocketed higher Tuesday after earnings results comfortably beat expectations. Many analysts are wary the analytics software provider is overvalued.

Shares of data-mining and analytics company Palantir (NYSE:PLTR) jumped 22.9% in the morning session after the company reported a "beat and raise" quarter. Third-quarter results blew past analysts' revenue and EBITDA expectations.

Palantir Technologies shares rose 12.9% to $46.75 in the pre-market trading session. Here are some other stocks moving in pre-market trading. Simpple Ltd. SPPL gained 69.5% to $2.00 in pre-market trading after jumping around 269% on Monday.

Palantir Technologies has been a beneficiary of the AI trend, and that has been reflected in its soaring stock price. The company's financial results surpassed the market's lofty expectations. Some investors will shy away from the stock due to its frothy valuation.