Palantir Technologies (NASDAQ:PLTR) Stock Price Up 3.2% – Here’s What Happened

Shares of Palantir Technologies Inc. (NASDAQ:PLTR) shot up 3.2% on Thursday . The company traded as high as $70.38 and last traded at $70.35. 23,996,589 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 70,494,305 shares. The stock had previously closed at $68.14.

Analysts Set New Price Targets

Several brokerages recently issued reports on PLTR. William Blair reaffirmed an “underperform” rating on shares of Palantir Technologies in a report on Wednesday, December 18th. DA Davidson increased their target price on Palantir Technologies from $28.00 to $47.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. Jefferies Financial Group cut Palantir Technologies from a “hold” rating to an “underperform” rating and set a $28.00 price target on the stock. in a report on Thursday, November 7th. Raymond James lowered shares of Palantir Technologies from an “outperform” rating to a “market perform” rating in a report on Monday, September 23rd. Finally, Wedbush upped their price target on Palantir Technologies from $57.00 to $75.00 and gave the company an “outperform” rating in a research report on Monday, November 25th. Seven analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $42.12.

Palantir Technologies Price Performance

The firm’s 50 day moving average price is $69.95 and its 200 day moving average price is $46.69. The stock has a market capitalization of $159.80 billion, a P/E ratio of 350.74, a P/E/G ratio of 6.24 and a beta of 2.82.

Palantir Technologies (NASDAQ:PLTR) last posted its earnings results on Monday, November 4th. The company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. The firm had revenue of $725.52 million for the quarter, compared to the consensus estimate of $705.11 million. Palantir Technologies had a return on equity of 9.94% and a net margin of 18.01%. The business’s revenue for the quarter was up 30.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.03 EPS. On average, equities research analysts forecast that Palantir Technologies Inc. will post 0.2 earnings per share for the current year.

Insider Transactions at Palantir Technologies

In related news, insider Shyam Sankar sold 5,250,000 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $70.08, for a total transaction of $367,920,000.00. Following the transaction, the insider now owns 752,786 shares in the company, valued at $52,755,242.88. This represents a 87.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Alexandra W. Schiff sold 4,000 shares of Palantir Technologies stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $71.63, for a total value of $286,520.00. Following the transaction, the director now directly owns 195,393 shares in the company, valued at approximately $13,996,000.59. The trade was a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 23,642,189 shares of company stock valued at $1,444,232,453 in the last three months. 12.93% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of PLTR. Wolff Wiese Magana LLC raised its position in Palantir Technologies by 230.4% during the fourth quarter. Wolff Wiese Magana LLC now owns 380 shares of the company’s stock valued at $29,000 after purchasing an additional 265 shares during the period. Financial Management Professionals Inc. raised its holdings in Palantir Technologies by 171.5% during the 4th quarter. Financial Management Professionals Inc. now owns 543 shares of the company’s stock valued at $41,000 after buying an additional 343 shares during the period. Trivant Custom Portfolio Group LLC lifted its position in Palantir Technologies by 313.3% in the fourth quarter. Trivant Custom Portfolio Group LLC now owns 620 shares of the company’s stock worth $47,000 after buying an additional 470 shares during the last quarter. Northwest Investment Counselors LLC purchased a new position in Palantir Technologies during the third quarter worth $25,000. Finally, Prestige Wealth Management Group LLC increased its position in Palantir Technologies by 747.1% during the third quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock valued at $27,000 after acquiring an additional 650 shares during the last quarter. 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.