Palantir Technologies (NASDAQ:PLTR) Trading 8.9% Higher – Still a Buy?

Shares of Palantir Technologies Inc. (NASDAQ:PLTR) shot up 8.9% during mid-day trading on Thursday . The company traded as high as $181.85 and last traded at $184.5690. 7,661,418 shares were traded during mid-day trading, a decline of 83% from the average session volume of 45,457,496 shares. The stock had previously closed at $169.46.

Palantir Technologies News Roundup

Here are the key news stories impacting Palantir Technologies this week:

• Positive Sentiment: Expanded PwC alliance supports commercial growth. Palantir and PwC broadened their strategic collaboration to help organizations scale enterprise AI, transform mergers and acquisitions, and modernize ERP systems. The partnership could expand Palantir’s distribution and implementation capabilities among large corporate customers. PwC and Palantir Expand Strategic Alliance
• Positive Sentiment: Enterprise software sector rebound is providing a favorable backdrop. Palantir’s advance is occurring alongside gains in software peers and the iShares Expanded Tech-Software Sector ETF, suggesting part of the strength reflects sector-wide buying rather than company-specific news alone. Palantir Rallies as PwC Alliance Counters Bear Case
• Positive Sentiment: Recent contract and commercial momentum remain supportive. The U.S. Army awarded Palantir a production agreement for eight TITAN battlefield intelligence systems, while analysts continue to point to rapid customer and commercial-revenue growth as potential drivers of future results. Palantir to Deliver Eight TITAN Systems to the U.S. Army

Analysts Set New Price Targets

A number of research firms have weighed in on PLTR. Deutsche Bank Aktiengesellschaft upgraded Palantir Technologies from a “hold” rating to a “buy” rating and set a $200.00 target price on the stock in a report on Tuesday, August 4th. Citigroup lowered Palantir Technologies from a “buy” rating to a “market perform” rating in a research report on Tuesday, August 4th. Cantor Fitzgerald assumed coverage on Palantir Technologies in a research note on Tuesday, August 4th. They issued an “overweight” rating on the stock. Royal Bank Of Canada reiterated an “underperform” rating and issued a $90.00 price objective on shares of Palantir Technologies in a report on Friday, July 31st. Finally, UBS Group set a $215.00 price objective on Palantir Technologies in a research report on Tuesday, August 11th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, ten have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $192.19.

Palantir Technologies Stock Performance

The company’s fifty day moving average is $147.48 and its 200-day moving average is $142.97. The company has a market capitalization of $441.75 billion, a PE ratio of 157.00, a price-to-earnings-growth ratio of 2.54 and a beta of 1.62.

Palantir Technologies (NASDAQ:PLTR) last issued its quarterly earnings results on Monday, August 3rd. The company reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.07. Palantir Technologies had a return on equity of 30.57% and a net margin of 49.01%.The business had revenue of $1.94 billion during the quarter, compared to analyst estimates of $1.81 billion. During the same quarter in the prior year, the business posted $0.16 EPS. Palantir Technologies’s revenue for the quarter was up 92.8% compared to the same quarter last year. On average, sell-side analysts expect that Palantir Technologies Inc. will post 1.27 EPS for the current fiscal year.

Insider Activity at Palantir Technologies

In related news, insider Alexander C. Karp sold 492,348 shares of the stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $174.79, for a total value of $86,057,506.92. Following the completion of the transaction, the insider owned 6,432,258 shares of the company’s stock, valued at approximately $1,124,294,375.82. This trade represents a 7.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Jeffrey Buckley sold 1,250 shares of Palantir Technologies stock in a transaction on Friday, August 21st. The stock was sold at an average price of $174.29, for a total transaction of $217,862.50. Following the transaction, the insider directly owned 56,921 shares of the company’s stock, valued at $9,920,761.09. The trade was a 2.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 720,166 shares of company stock worth $116,825,178 in the last quarter. 9.53% of the stock is owned by company insiders.

Institutional Investors Weigh In On Palantir Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PLTR. Basepoint Wealth LLC purchased a new position in Palantir Technologies during the 4th quarter worth $29,000. Ballast Advisors LLC bought a new position in shares of Palantir Technologies during the first quarter valued at approximately $29,000. Cornerstone Financial Management LLC purchased a new position in shares of Palantir Technologies in the 4th quarter valued at $31,000. Whipplewood Advisors LLC bought a new stake in shares of Palantir Technologies in the 1st quarter valued at about $32,000. Finally, Prudent Man Investment Management Inc. acquired a new stake in Palantir Technologies in the fourth quarter valued at approximately $35,000. Institutional investors own 45.65% of the company’s stock.

About Palantir Technologies

Palantir Technologies is a software company that develops data integration, analytics and operational decision-making platforms for government and commercial customers. Founded in 2003 by a team that included Alex Karp and Peter Thiel, Palantir has grown into a provider of enterprise-scale software designed to help organizations integrate disparate data sources, build analytic models and drive operational workflows. The company went public in 2020 and continues to position its products around large, complex data projects where security, provenance and real-time collaboration are important.

Palantir’s product portfolio centers on a small number of core platforms.