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

Palantir Technologies Inc. (NASDAQ:PLTR) was up 3.2% on Wednesday . The stock traded as high as $68.85 and last traded at $68.05. Approximately 25,371,768 shares changed hands during trading, a decline of 65% from the average daily volume of 72,275,148 shares. The stock had previously closed at $65.91.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on PLTR shares. Baird R W upgraded Palantir Technologies to a “hold” rating in a research note on Thursday, December 12th. The Goldman Sachs Group upped their target price on Palantir Technologies from $16.00 to $41.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. DA Davidson upped their target price on Palantir Technologies from $28.00 to $47.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 5th. Mizuho upped their target price on Palantir Technologies from $37.00 to $44.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. Finally, Jefferies Financial Group cut Palantir Technologies from a “hold” rating to an “underperform” rating and set a $28.00 price target for the company. in a research note on Thursday, November 7th. Seven equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Palantir Technologies has an average rating of “Hold” and a consensus target price of $42.12.

Palantir Technologies Price Performance

The firm has a market capitalization of $154.29 billion, a price-to-earnings ratio of 338.67, a P/E/G ratio of 10.18 and a beta of 2.82. The stock has a fifty day moving average of $69.70 and a two-hundred day moving average of $46.54.

Palantir Technologies (NASDAQ:PLTR) last issued its quarterly 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. Palantir Technologies had a return on equity of 9.94% and a net margin of 18.01%. The firm had revenue of $725.52 million during the quarter, compared to the consensus estimate of $705.11 million. During the same period last year, the business posted $0.03 EPS. The business’s revenue was up 30.0% compared to the same quarter last year. On average, research analysts forecast that Palantir Technologies Inc. will post 0.21 EPS for the current year.

Insiders Place Their Bets

In other Palantir Technologies news, insider Alexander C. Karp sold 3,337,048 shares of the stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $45.02, for a total transaction of $150,233,900.96. Following the completion of the sale, the insider now directly owns 6,432,258 shares in the company, valued at approximately $289,580,255.16. This trade represents a 34.16 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Ryan D. Taylor sold 123,334 shares of the firm’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $45.00, for a total value of $5,550,030.00. Following the completion of the sale, the insider now owns 331,369 shares of the company’s stock, valued at approximately $14,911,605. This represents a 27.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 23,642,189 shares of company stock worth $1,444,232,453. Company insiders own 12.93% of the company’s stock.

Institutional Trading of Palantir Technologies

Large investors have recently made changes to their positions in the company. Northwest Investment Counselors LLC acquired a new stake in shares of Palantir Technologies in the 3rd quarter valued at about $25,000. Prestige Wealth Management Group LLC lifted its position in Palantir Technologies by 747.1% in the 3rd 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 in the last quarter. Wolff Wiese Magana LLC lifted its position in Palantir Technologies by 230.4% in the 4th quarter. Wolff Wiese Magana LLC now owns 380 shares of the company’s stock valued at $29,000 after acquiring an additional 265 shares in the last quarter. University of Texas Texas AM Investment Management Co. bought a new position in Palantir Technologies in the 2nd quarter valued at about $30,000. Finally, Ashburton Jersey Ltd bought a new position in Palantir Technologies in the 2nd quarter valued at about $36,000. 45.65% of the stock is currently owned by institutional investors and hedge funds.

Palantir Technologies Company Profile

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.