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

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

Analyst Ratings Changes

PLTR has been the topic of a number of recent analyst reports. Morgan Stanley reissued an “underweight” rating and set a $60.00 price target on shares of Palantir Technologies in a research report on Monday, January 6th. Raymond James cut Palantir Technologies from an “outperform” rating to a “market perform” rating in a research note on Monday, September 23rd. Jefferies Financial Group cut Palantir Technologies from a “hold” rating to an “underperform” rating and set a $28.00 price objective on the stock. in a report on Thursday, November 7th. Baird R W raised shares of Palantir Technologies to a “hold” rating in a research note on Thursday, December 12th. Finally, The Goldman Sachs Group increased their price objective on shares of Palantir Technologies from $16.00 to $41.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Seven analysts have rated the stock with a sell rating, twelve have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $43.78.

Palantir Technologies Stock Performance

The firm has a market capitalization of $163.49 billion, a price-to-earnings ratio of 358.87, a price-to-earnings-growth ratio of 6.24 and a beta of 2.82. The business has a fifty day moving average of $70.49 and a two-hundred day moving average of $47.17.

Palantir Technologies (NASDAQ:PLTR) last announced its quarterly earnings results on Monday, November 4th. The company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.01. The business had revenue of $725.52 million for the quarter, compared to analyst estimates of $705.11 million. Palantir Technologies had a net margin of 18.01% and a return on equity of 9.94%. Palantir Technologies’s quarterly revenue was up 30.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.03 EPS. As a group, sell-side analysts predict that Palantir Technologies Inc. will post 0.2 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Alexandra W. Schiff sold 4,000 shares of the business’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $71.63, for a total value of $286,520.00. Following the sale, the director now owns 195,393 shares of the company’s stock, valued at $13,996,000.59. The trade was a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Lauren Elaina Friedman Stat sold 800 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $76.29, for a total value of $61,032.00. Following the transaction, the director now directly owns 62,139 shares of the company’s stock, valued at approximately $4,740,584.31. This represents a 1.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 23,642,189 shares of company stock worth $1,444,232,453 in the last quarter. 12.93% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Palantir Technologies

A number of hedge funds have recently made changes to their positions in the stock. First PREMIER Bank acquired a new position in shares of Palantir Technologies in the 4th quarter worth approximately $28,000. Wolff Wiese Magana LLC boosted 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 acquiring an additional 265 shares during the last quarter. Financial Management Professionals Inc. grew 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 worth $41,000 after acquiring an additional 343 shares during the period. Trivant Custom Portfolio Group LLC raised its position in shares of Palantir Technologies by 313.3% in the 4th quarter. Trivant Custom Portfolio Group LLC now owns 620 shares of the company’s stock worth $47,000 after acquiring an additional 470 shares in the last quarter. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Palantir Technologies in the 3rd quarter valued at about $25,000. 45.65% of the stock is currently owned by institutional investors.

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.