Palantir Technologies (NASDAQ:PLTR) Shares Up 2.3% – Here’s Why

Palantir Technologies Inc. (NASDAQ:PLTR)’s share price shot up 2.3% on Friday . The stock traded as high as $84.10 and last traded at $82.30. 36,077,916 shares changed hands during mid-day trading, a decline of 43% from the average session volume of 63,781,454 shares. The stock had previously closed at $80.46.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on PLTR shares. Baird R W upgraded Palantir Technologies to a “hold” rating in a report on Thursday, December 12th. Citigroup upped their price objective on Palantir Technologies from $42.00 to $110.00 and gave the company a “neutral” rating in a report on Wednesday, February 5th. Jefferies Financial Group increased their price objective on Palantir Technologies from $28.00 to $60.00 and gave the stock an “underperform” rating in a research report on Tuesday, February 4th. DA Davidson upped their price target on shares of Palantir Technologies from $47.00 to $105.00 and gave the company a “neutral” rating in a research note on Tuesday, February 4th. Finally, Robert W. Baird raised their price target on shares of Palantir Technologies from $70.00 to $100.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 4th. Five equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Palantir Technologies currently has an average rating of “Hold” and an average price target of $74.79.

Palantir Technologies Stock Performance

The company has a market cap of $198.02 billion, a price-to-earnings ratio of 444.39, a P/E/G ratio of 10.84 and a beta of 2.81. The company has a fifty day moving average of $87.31 and a two-hundred day moving average of $62.91.

Insider Activity

In related news, Director Alexandra W. Schiff sold 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $71.63, for a total value of $286,520.00. Following the sale, the director now directly owns 195,393 shares in the company, valued at $13,996,000.59. This represents a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Stephen Andrew Cohen sold 416,053 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now owns 592 shares of the company’s stock, valued at approximately $43,908.64. The trade was a 99.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,429,062 shares of company stock valued at $106,673,884 over the last quarter. 12.93% of the stock is owned by company insiders.

Institutional Investors Weigh In On Palantir Technologies

Several large investors have recently modified their holdings of PLTR. Alpha Wealth Funds LLC acquired a new stake in Palantir Technologies during the 4th quarter worth about $1,118,000. Copia Wealth Management bought a new stake in shares of Palantir Technologies during the 4th quarter valued at about $46,000. IronOak Wealth LLC. bought a new stake in Palantir Technologies in the fourth quarter worth approximately $2,024,000. Wood Tarver Financial Group LLC bought a new stake in Palantir Technologies in the fourth quarter worth approximately $251,000. Finally, Siemens Fonds Invest GmbH lifted its stake in Palantir Technologies by 115.5% in the fourth quarter. Siemens Fonds Invest GmbH now owns 46,791 shares of the company’s stock valued at $3,611,000 after buying an additional 25,074 shares during the period. 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.