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

Palantir Technologies Inc. (NASDAQ:PLTR)’s stock price was up 3.3% on Wednesday . The stock traded as high as $190.39 and last traded at $187.91. Approximately 58,903,822 shares changed hands during mid-day trading, a decline of 26% from the average daily volume of 79,950,820 shares. The stock had previously closed at $181.84.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Piper Sandler boosted their price objective on Palantir Technologies from $201.00 to $225.00 and gave the stock an “overweight” rating in a report on Tuesday, November 4th. Daiwa Capital Markets boosted their price target on shares of Palantir Technologies from $178.00 to $200.00 and gave the stock a “neutral” rating in a research note on Thursday, November 6th. UBS Group increased their price target on shares of Palantir Technologies from $165.00 to $205.00 and gave the stock a “neutral” rating in a report on Tuesday, November 4th. Wall Street Zen downgraded shares of Palantir Technologies from a “buy” rating to a “hold” rating in a report on Friday, November 28th. Finally, Morgan Stanley increased their target price on Palantir Technologies from $155.00 to $205.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 4th. Four research analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $172.28.

Palantir Technologies Price Performance

The company has a market cap of $437.53 billion, a P/E ratio of 437.08, a P/E/G ratio of 7.27 and a beta of 1.49. The company’s 50-day moving average is $179.31 and its two-hundred day moving average is $163.34.

Palantir Technologies (NASDAQ:PLTR) last released its quarterly earnings data on Monday, November 3rd. The company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.04. The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.09 billion. Palantir Technologies had a return on equity of 15.48% and a net margin of 28.11%.The firm’s quarterly revenue was up 62.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.10 EPS. Equities research analysts anticipate that Palantir Technologies Inc. will post 0.31 EPS for the current year.

Insider Activity at Palantir Technologies

In other Palantir Technologies news, insider Shyam Sankar sold 19,004 shares of the business’s stock in a transaction on Friday, November 21st. The shares were sold at an average price of $156.25, for a total transaction of $2,969,375.00. Following the completion of the sale, the insider directly owned 642,786 shares in the company, valued at approximately $100,435,312.50. The trade was a 2.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jeffrey Buckley sold 1,252 shares of the firm’s stock in a transaction on Monday, November 24th. The stock was sold at an average price of $157.50, for a total value of $197,190.00. Following the completion of the transaction, the insider owned 47,044 shares in the company, valued at approximately $7,409,430. This trade represents a 2.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,008,844 shares of company stock valued at $164,676,161 over the last three months. 9.23% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of PLTR. Signature Resources Capital Management LLC bought a new position in Palantir Technologies in the second quarter worth approximately $25,000. Wealth Preservation Advisors LLC bought a new position in Palantir Technologies in the 1st quarter worth $27,000. 1248 Management LLC bought a new position in Palantir Technologies in the 1st quarter worth $27,000. Briaud Financial Planning Inc purchased a new position in Palantir Technologies during the second quarter valued at $27,000. Finally, LFA Lugano Financial Advisors SA bought a new stake in Palantir Technologies during the second quarter valued at about $27,000. 45.65% of the stock is owned by hedge funds and other institutional investors.

About Palantir Technologies

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.