Palantir Technologies (NASDAQ:PLTR) Stock Price Up 4.4% – Here’s Why

Palantir Technologies Inc. (NASDAQ:PLTR)’s share price was up 4.4% during trading on Tuesday . The company traded as high as $80.37 and last traded at $79.73. Approximately 41,373,782 shares changed hands during trading, a decline of 35% from the average daily volume of 63,972,483 shares. The stock had previously closed at $76.38.

Analyst Upgrades and Downgrades

PLTR has been the topic of several analyst reports. Baird R W raised shares of Palantir Technologies to a “hold” rating in a report on Thursday, December 12th. Robert W. Baird lifted their price objective on Palantir Technologies from $70.00 to $100.00 and gave the company a “neutral” rating in a report on Tuesday, February 4th. Morgan Stanley raised Palantir Technologies from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $60.00 to $95.00 in a report on Tuesday, February 4th. Bank of America upped their price objective on Palantir Technologies from $90.00 to $125.00 and gave the stock a “buy” rating in a report on Tuesday, February 4th. Finally, Wedbush restated an “outperform” rating and set a $120.00 target price on shares of Palantir Technologies in a research report on Monday, March 3rd. Five investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $75.25.

Palantir Technologies Stock Up 4.1 %

The business has a 50 day moving average of $87.41 and a 200 day moving average of $64.03. The firm has a market cap of $186.49 billion, a price-to-earnings ratio of 418.00, a price-to-earnings-growth ratio of 10.84 and a beta of 2.81.

Insider Activity

In other Palantir Technologies news, Director Alexandra W. Schiff sold 6,776 shares of Palantir Technologies stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $86.63, for a total transaction of $587,004.88. Following the transaction, the director now directly owns 184,617 shares of the company’s stock, valued at $15,993,370.71. The trade was a 3.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Stephen Andrew Cohen sold 416,053 shares of the stock in a transaction on Friday, December 13th. The stock was sold at an average price of $74.17, for a total transaction of $30,858,651.01. Following the completion of the sale, the insider now directly owns 592 shares of the company’s stock, valued at $43,908.64. The trade was a 99.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,435,838 shares of company stock valued at $107,260,889 in the last 90 days. 12.93% of the stock is currently owned by insiders.

Institutional Trading of Palantir Technologies

Several large investors have recently added to or reduced their stakes in PLTR. Alpha Wealth Funds LLC purchased a new stake in shares of Palantir Technologies in the fourth quarter worth about $1,118,000. Copia Wealth Management acquired a new position in Palantir Technologies during the 4th quarter worth approximately $46,000. IronOak Wealth LLC. purchased a new position in Palantir Technologies in the 4th quarter worth approximately $2,024,000. Wood Tarver Financial Group LLC acquired a new stake in Palantir Technologies in the fourth quarter valued at approximately $251,000. Finally, Siemens Fonds Invest GmbH raised its stake in shares of Palantir Technologies by 115.5% during the fourth quarter. Siemens Fonds Invest GmbH now owns 46,791 shares of the company’s stock valued at $3,611,000 after purchasing an additional 25,074 shares during the period. 45.65% of the stock is currently owned by institutional investors and hedge funds.

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.