Palantir Technologies (NYSE:PLTR) Stock Price Up 1.5% – Here’s What Happened

Shares of Palantir Technologies Inc. (NYSE:PLTR) traded up 1.5% on Friday . The stock traded as high as $40.03 and last traded at $39.83. 24,747,307 shares changed hands during trading, a decline of 57% from the average session volume of 57,045,855 shares. The stock had previously closed at $39.24.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Bank of America upped their price objective on Palantir Technologies from $30.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. DA Davidson upped their price objective on Palantir Technologies from $24.00 to $28.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 6th. The Goldman Sachs Group increased their target price on Palantir Technologies from $14.00 to $16.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Northland Securities assumed coverage on Palantir Technologies in a research report on Thursday, August 22nd. They issued a “market perform” rating and a $35.00 target price for the company. Finally, Raymond James downgraded Palantir Technologies from an “outperform” rating to a “market perform” rating in a research report on Monday, September 23rd. Five investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $27.29.

Palantir Technologies Price Performance

The company has a market capitalization of $89.87 billion, a P/E ratio of 331.94 and a beta of 2.72. The stock has a 50-day moving average price of $32.23 and a 200-day moving average price of $26.67.

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

Insider Transactions at Palantir Technologies

In related news, Director Lauren Elaina Friedman Stat sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $28.97, for a total transaction of $57,940.00. Following the completion of the sale, the director now owns 69,039 shares of the company’s stock, valued at $2,000,059.83. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, 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 sale, the insider now owns 752,786 shares of the company’s stock, valued at $24,352,627.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Lauren Elaina Friedman Stat sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $28.97, for a total value of $57,940.00. Following the sale, the director now directly owns 69,039 shares of the company’s stock, valued at $2,000,059.83. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 17,814,881 shares of company stock worth $648,616,023 over the last ninety days. 12.93% of the stock is owned by insiders.

Institutional Investors Weigh In On Palantir Technologies

Hedge funds have recently added to or reduced their stakes in the company. Summit Securities Group LLC acquired a new stake in Palantir Technologies in the second quarter valued at approximately $25,000. Farmers & Merchants Investments Inc. acquired a new stake in Palantir Technologies in the second quarter valued at approximately $25,000. West Paces Advisors Inc. grew its stake in Palantir Technologies by 110.7% in the first quarter. West Paces Advisors Inc. now owns 1,180 shares of the company’s stock valued at $27,000 after acquiring an additional 620 shares during the period. University of Texas Texas AM Investment Management Co. acquired a new stake in Palantir Technologies in the second quarter valued at approximately $30,000. Finally, Massmutual Trust Co. FSB ADV grew its stake in Palantir Technologies by 105.3% in 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 during the period. Institutional investors and hedge funds own 45.65% of the company’s stock.

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.