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

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,

In today's session, PLTR is trading more than 14% higher ahead of the bell, as Wall Street cheers the company's third-quarter (Q3) earnings report. In fact, outspoken CEO Alex Karp kicked off the company's earnings call by saying, “Given how strong our results are, I almost feel like we should just go home.”