Palantir Technologies (NYSE:PLTR) Stock Price Up 0.3% – Time to Buy?

Palantir Technologies Inc. (NYSE:PLTR) shares rose 0.3% during mid-day trading on Tuesday . The company traded as high as $43.49 and last traded at $42.84. Approximately 10,412,744 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 56,726,785 shares. The stock had previously closed at $42.70.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PLTR. Northland Securities began coverage on shares of Palantir Technologies in a research note on Thursday, August 22nd. They set a “market perform” rating and a $35.00 price target for the company. Royal Bank of Canada reissued an “underperform” rating and set a $9.00 target price on shares of Palantir Technologies in a research report on Tuesday, August 6th. Monness Crespi & Hardt cut their price target on Palantir Technologies from $20.00 to $18.00 and set a “sell” rating for the company in a research note on Tuesday, August 6th. Mizuho increased their price objective on Palantir Technologies from $24.00 to $30.00 and gave the stock an “underperform” rating in a research note on Thursday, October 17th. Finally, Wedbush lifted their target price on Palantir Technologies from $38.00 to $45.00 and gave the company an “outperform” rating in a research report on Thursday, September 26th. Five equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $27.86.

Palantir Technologies Stock Up 0.7 %

The firm has a market cap of $96.25 billion, a P/E ratio of 253.31 and a beta of 2.72. The firm’s 50-day simple moving average is $35.87 and its 200 day simple moving average is $28.28.

Palantir Technologies (NYSE:PLTR) last posted its quarterly earnings data on Monday, August 5th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.01). Palantir Technologies had a net margin of 16.32% and a return on equity of 8.88%. The firm had revenue of $678.13 million during the quarter, compared to analysts’ expectations of $653.23 million. During the same quarter in the previous year, the company posted $0.01 EPS. Palantir Technologies’s revenue for the quarter was up 27.2% on a year-over-year basis. As a group, analysts forecast that Palantir Technologies Inc. will post 0.19 earnings per share for the current year.

Insider Activity at Palantir Technologies

In other news, Director Lauren Elaina Friedman Stat sold 3,050 shares of Palantir Technologies stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $26.43, for a total value of $80,611.50. Following the completion of the transaction, the director now owns 65,989 shares in the company, valued at $1,744,089.27. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Palantir Technologies news, Director Lauren Elaina Friedman Stat sold 3,050 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $26.43, for a total value of $80,611.50. Following the completion of the transaction, the director now owns 65,989 shares in the company, valued at $1,744,089.27. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Heather A. Planishek sold 20,000 shares of the company’s stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $39.95, for a total value of $799,000.00. Following the sale, the insider now owns 562,006 shares in the company, valued at approximately $22,452,139.70. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 17,747,176 shares of company stock worth $646,951,347. Company insiders own 12.93% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PLTR. 1832 Asset Management L.P. grew its holdings in shares of Palantir Technologies by 248,208.2% during the first quarter. 1832 Asset Management L.P. now owns 3,625,300 shares of the company’s stock worth $83,418,000 after purchasing an additional 3,623,840 shares in the last quarter. Marshall Wace LLP grew its stake in Palantir Technologies by 594.3% in the 2nd quarter. Marshall Wace LLP now owns 3,550,176 shares of the company’s stock worth $89,926,000 after buying an additional 3,038,861 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Palantir Technologies by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 196,834,580 shares of the company’s stock worth $4,529,164,000 after buying an additional 3,029,317 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Palantir Technologies by 15.7% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 14,571,224 shares of the company’s stock valued at $335,284,000 after buying an additional 1,980,495 shares in the last quarter. Finally, National Bank of Canada FI lifted its holdings in shares of Palantir Technologies by 2,722.2% during the 2nd quarter. National Bank of Canada FI now owns 1,716,830 shares of the company’s stock worth $44,427,000 after acquiring an additional 1,655,997 shares during the last quarter. 45.65% of the stock is owned by institutional investors.

Palantir Technologies Company Profile

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.