Palantir Technologies (NYSE:PLTR) Trading Up 0.9% After Analyst Upgrade

Palantir Technologies Inc. (NYSE:PLTR)’s share price rose 0.9% during mid-day trading on Friday after Mizuho raised their price target on the stock from $24.00 to $30.00. Mizuho currently has an underperform rating on the stock. Palantir Technologies traded as high as $42.45 and last traded at $42.38. Approximately 8,155,021 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 56,957,137 shares. The stock had previously closed at $42.00.

Several other analysts have also recently issued reports on PLTR. Deutsche Bank Aktiengesellschaft increased their target price on shares of Palantir Technologies from $20.00 to $21.00 and gave the stock a “sell” rating in a research note on Tuesday, August 6th. Raymond James downgraded Palantir Technologies from an “outperform” rating to a “market perform” rating in a research report on Monday, September 23rd. The Goldman Sachs Group boosted their target price on Palantir Technologies from $14.00 to $16.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Monness Crespi & Hardt lowered their price target on Palantir Technologies from $20.00 to $18.00 and set a “sell” rating on the stock in a report on Tuesday, August 6th. Finally, Northland Securities assumed coverage on Palantir Technologies in a report on Thursday, August 22nd. They set a “market perform” rating and a $35.00 price objective for the company. Five analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $27.86.

Insider Activity

In related news, Director Lauren Elaina Friedman Stat sold 3,050 shares of Palantir Technologies stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $26.43, for a total value of $80,611.50. Following the transaction, the director now owns 65,989 shares in the company, valued at $1,744,089.27. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Palantir Technologies news, Director Lauren Elaina Friedman Stat sold 3,050 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $26.43, for a total value of $80,611.50. Following the completion of the sale, the director now owns 65,989 shares in the company, valued at approximately $1,744,089.27. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Shyam Sankar sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $32.35, for a total transaction of $1,617,500.00. Following the completion of the transaction, the insider now owns 752,786 shares in the company, valued at $24,352,627.10. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,747,176 shares of company stock valued at $646,951,347. Corporate insiders own 12.93% of the company’s stock.

Hedge Funds Weigh In On Palantir Technologies

Several hedge funds and other institutional investors have recently modified their holdings of PLTR. Summit Securities Group LLC bought a new stake in shares of Palantir Technologies in the second quarter worth about $25,000. Farmers & Merchants Investments Inc. purchased a new stake in Palantir Technologies in the 2nd quarter worth approximately $25,000. West Paces Advisors Inc. grew its position in shares of Palantir Technologies by 110.7% in the 1st quarter. West Paces Advisors Inc. now owns 1,180 shares of the company’s stock worth $27,000 after buying an additional 620 shares during the last quarter. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Palantir Technologies during the second quarter valued at approximately $30,000. Finally, Massmutual Trust Co. FSB ADV raised its holdings in shares of Palantir Technologies by 105.3% during the first quarter. Massmutual Trust Co. FSB ADV now owns 1,347 shares of the company’s stock valued at $31,000 after acquiring an additional 691 shares in the last quarter. 45.65% of the stock is owned by institutional investors.

Palantir Technologies Price Performance

The company has a market cap of $96.18 billion, a PE ratio of 252.66 and a beta of 2.72. The business has a 50 day moving average of $35.60 and a 200 day moving average of $28.06.

Palantir Technologies (NYSE:PLTR) last posted its earnings results on Monday, August 5th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.01). The company had revenue of $678.13 million during the quarter, compared to analysts’ expectations of $653.23 million. Palantir Technologies had a return on equity of 8.88% and a net margin of 16.32%. The company’s revenue for the quarter was up 27.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.01 earnings per share. Sell-side analysts forecast that Palantir Technologies Inc. will post 0.19 EPS for the current fiscal year.

About Palantir Technologies

Palantir Technologies Inc builds and deploys software platforms for the intelligence community to assist in counterterrorism investigations and operations in the United States, the United Kingdom, and internationally. The company provides Palantir Gotham, a software platform which enables users to identify patterns hidden deep within datasets, ranging from signals intelligence sources to reports from confidential informants, as well as facilitates the handoff between analysts and operational users, helping operators plan and execute real-world responses to threats that have been identified within the platform.