Palantir Technologies (NASDAQ:PLTR) Stock Price Up 3.3% – Here’s Why

Palantir Technologies Inc. (NASDAQ:PLTR)’s share price shot up 3.3% during mid-day trading on Wednesday . The stock traded as high as $76.45 and last traded at $75.48. 26,037,890 shares were traded during trading, a decline of 62% from the average session volume of 67,643,836 shares. The stock had previously closed at $73.07.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on PLTR shares. Mizuho increased their target price on Palantir Technologies from $37.00 to $44.00 and gave the company an “underperform” rating in a report on Friday, December 13th. Argus cut Palantir Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, November 7th. Bank of America boosted their target price on shares of Palantir Technologies from $55.00 to $75.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Jefferies Financial Group cut Palantir Technologies from a “hold” rating to an “underperform” rating and set a $28.00 price objective on the stock. in a report on Thursday, November 7th. Finally, Northland Securities upped their price objective on shares of Palantir Technologies from $35.00 to $38.00 and gave the company a “market perform” rating in a research note on Tuesday, November 5th. Seven research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $43.78.

Palantir Technologies Stock Up 5.1 %

The firm’s 50 day moving average price is $70.98 and its two-hundred day moving average price is $48.12. The firm has a market capitalization of $174.97 billion, a PE ratio of 384.31, a P/E/G ratio of 6.66 and a beta of 2.82.

Palantir Technologies (NASDAQ:PLTR) last released its quarterly earnings results on Monday, November 4th. The company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. Palantir Technologies had a net margin of 18.01% and a return on equity of 9.94%. The business had revenue of $725.52 million during the quarter, compared to the consensus estimate of $705.11 million. During the same quarter last year, the company earned $0.03 earnings per share. The business’s quarterly revenue was up 30.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Palantir Technologies Inc. will post 0.2 earnings per share for the current fiscal year.

Insider Transactions at Palantir Technologies

In other news, insider Ryan D. Taylor sold 123,334 shares of Palantir Technologies stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $45.00, for a total value of $5,550,030.00. Following the completion of the transaction, the insider now directly owns 331,369 shares of the company’s stock, valued at approximately $14,911,605. The trade was a 27.12 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Alexander C. Karp sold 3,337,048 shares of the stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $45.02, for a total transaction of $150,233,900.96. Following the sale, the insider now owns 6,432,258 shares in the company, valued at approximately $289,580,255.16. This trade represents a 34.16 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 23,642,189 shares of company stock worth $1,444,232,453. 12.93% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Palantir Technologies

Hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp increased its holdings in shares of Palantir Technologies by 96.4% during the third quarter. State Street Corp now owns 82,512,440 shares of the company’s stock valued at $3,069,463,000 after purchasing an additional 40,498,024 shares during the period. Geode Capital Management LLC increased its stake in Palantir Technologies by 52.9% during the 3rd quarter. Geode Capital Management LLC now owns 47,946,926 shares of the company’s stock valued at $1,777,568,000 after buying an additional 16,598,253 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Palantir Technologies by 5.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 14,982,925 shares of the company’s stock worth $557,365,000 after acquiring an additional 808,444 shares during the period. FMR LLC boosted its holdings in shares of Palantir Technologies by 8.8% in the third quarter. FMR LLC now owns 12,478,281 shares of the company’s stock valued at $464,192,000 after acquiring an additional 1,004,603 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Palantir Technologies by 60.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 12,387,040 shares of the company’s stock valued at $460,798,000 after acquiring an additional 4,667,955 shares during the period. Institutional investors and hedge funds own 45.65% of the company’s stock.

Palantir Technologies Company Profile

Palantir Technologies, Inc engages in the business of building and deploying software platforms that serve as the central operating systems for its customers. It operates under the Commercial and Government segments. The Commercial segment focuses on customers working in non-government industries. The Government segment is involved in providing services to customers that are the United States government and non-United States government agencies.