Palantir Technologies (NYSE:PLTR) Trading 7.7% Higher – Here’s What Happened

Shares of Palantir Technologies Inc. (NYSE:PLTR) were up 7.7% on Friday . The company traded as high as $63.93 and last traded at $63.76. Approximately 51,671,492 shares changed hands during mid-day trading, a decline of 11% from the average daily volume of 57,918,750 shares. The stock had previously closed at $59.18.

Wall Street Analyst Weigh In

PLTR has been the topic of a number of research analyst reports. Northland Securities increased their price target on Palantir Technologies from $35.00 to $38.00 and gave the stock a “market perform” rating in a report on Tuesday, November 5th. Wedbush increased their target price on shares of Palantir Technologies from $38.00 to $45.00 and gave the stock an “outperform” rating in a research note on Thursday, September 26th. Monness Crespi & Hardt reduced their price target on shares of Palantir Technologies from $20.00 to $18.00 and set a “sell” rating for the company in a report on Tuesday, August 6th. Royal Bank of Canada reiterated an “underperform” rating and set a $9.00 price objective on shares of Palantir Technologies in a report on Tuesday, August 6th. Finally, The Goldman Sachs Group raised their target price on Palantir Technologies from $16.00 to $41.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Six equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Palantir Technologies presently has a consensus rating of “Hold” and a consensus price target of $31.71.

Palantir Technologies Price Performance

The stock has a fifty day moving average price of $43.19 and a two-hundred day moving average price of $32.01. The company has a market cap of $147.29 billion, a P/E ratio of 328.87 and a beta of 2.70.

Palantir Technologies (NYSE:PLTR) last posted its earnings results on Monday, November 4th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.01. Palantir Technologies had a net margin of 18.01% and a return on equity of 9.94%. The firm had revenue of $725.52 million during the quarter, compared to analyst estimates of $705.11 million. During the same quarter in the prior year, the business posted $0.03 EPS. The business’s revenue was up 30.0% compared to the same quarter last year. Equities analysts predict that Palantir Technologies Inc. will post 0.21 earnings per share for the current fiscal year.

Insider Transactions at Palantir Technologies

In other news, insider Alexander C. Karp sold 4,500,000 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $36.07, for a total transaction of $162,315,000.00. Following the completion of the sale, the insider now owns 6,432,258 shares in the company, valued at $232,011,546.06. This trade represents a 41.16 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Heather A. Planishek sold 14,016 shares of Palantir Technologies stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $30.67, for a total transaction of $429,870.72. Following the completion of the sale, the insider now directly owns 576,023 shares in the company, valued at $17,666,625.41. This trade represents a 2.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 31,562,840 shares of company stock worth $1,435,787,316 in the last 90 days. Insiders own 12.93% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PLTR. Vanguard Group Inc. lifted its holdings in Palantir Technologies by 1.6% during the first quarter. Vanguard Group Inc. now owns 196,834,580 shares of the company’s stock valued at $4,529,164,000 after purchasing an additional 3,029,317 shares during the last quarter. State Street Corp boosted its holdings in Palantir Technologies by 96.4% in the 3rd quarter. State Street Corp now owns 82,512,440 shares of the company’s stock worth $3,069,463,000 after buying an additional 40,498,024 shares during the period. Geode Capital Management LLC raised its holdings 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 acquiring an additional 16,598,253 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Palantir Technologies by 5.7% during the third 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 in the last quarter. Finally, ARK Investment Management LLC lifted its position in shares of Palantir Technologies by 2.2% during the second quarter. ARK Investment Management LLC now owns 13,023,099 shares of the company’s stock worth $329,875,000 after acquiring an additional 277,623 shares in the last quarter. Hedge funds and other institutional investors own 45.65% of the company’s stock.

Palantir Technologies Company Profile

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.