Palantir Technologies (NASDAQ:PLTR) Stock Price Up 3.1% – Here’s Why

Palantir Technologies Inc. (NASDAQ:PLTR) traded up 3.1% during trading on Tuesday . The stock traded as high as $84.80 and last traded at $83.21. 37,625,821 shares traded hands during trading, a decline of 39% from the average session volume of 61,586,305 shares. The stock had previously closed at $80.69.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PLTR. UBS Group assumed coverage on Palantir Technologies in a research note on Thursday, December 19th. They set a “neutral” rating and a $80.00 price objective for the company. DA Davidson raised their price objective on Palantir Technologies from $28.00 to $47.00 and gave the company a “neutral” rating in a report on Tuesday, November 5th. Jefferies Financial Group downgraded Palantir Technologies from a “hold” rating to an “underperform” rating and set a $28.00 target price for the company. in a research note on Thursday, November 7th. The Goldman Sachs Group increased their price objective on shares of Palantir Technologies from $16.00 to $41.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Finally, Argus cut shares of Palantir Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, November 7th. Six equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $41.00.

Palantir Technologies Trading Up 2.1 %

The firm’s fifty day simple moving average is $59.81 and its two-hundred day simple moving average is $40.91. The company has a market capitalization of $187.66 billion, a price-to-earnings ratio of 411.92, a price-to-earnings-growth ratio of 10.18 and a beta of 2.87.

Palantir Technologies (NASDAQ:PLTR) last posted its earnings results on Monday, November 4th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.01. Palantir Technologies had a return on equity of 9.94% and a net margin of 18.01%. The company had revenue of $725.52 million during the quarter, compared to analysts’ expectations of $705.11 million. During the same quarter last year, the firm earned $0.03 earnings per share. The firm’s quarterly revenue was up 30.0% compared to the same quarter last year. As a group, analysts forecast that Palantir Technologies Inc. will post 0.21 EPS for the current fiscal year.

Insider Activity at Palantir Technologies

In related news, Director Lauren Elaina Friedman Stat sold 7,321 shares of the firm’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $43.90, for a total transaction of $321,391.90. Following the completion of the transaction, the director now directly owns 138,304 shares in the company, valued at $6,071,545.60. This trade represents a 5.03 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Peter Thiel sold 4,254,666 shares of the business’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $36.77, for a total transaction of $156,444,068.82. Following the sale, the director now owns 51,234,275 shares in the company, valued at $1,883,884,291.75. This trade represents a 7.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 35,605,711 shares of company stock worth $1,867,088,271. Company insiders own 12.93% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of PLTR. State Street Corp boosted its stake in shares of Palantir Technologies by 96.4% in the 3rd quarter. State Street Corp now owns 82,512,440 shares of the company’s stock valued at $3,069,463,000 after buying an additional 40,498,024 shares during the period. Geode Capital Management LLC grew its holdings in Palantir Technologies by 52.9% during the 3rd quarter. Geode Capital Management LLC now owns 47,946,926 shares of the company’s stock worth $1,777,568,000 after acquiring an additional 16,598,253 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in shares of Palantir Technologies by 5.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 14,982,925 shares of the company’s stock valued at $557,365,000 after purchasing an additional 808,444 shares during the last quarter. FMR LLC lifted its position in shares of Palantir Technologies by 8.8% during the 3rd quarter. FMR LLC now owns 12,478,281 shares of the company’s stock worth $464,192,000 after purchasing an additional 1,004,603 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Palantir Technologies by 60.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 12,387,040 shares of the company’s stock worth $460,798,000 after buying an additional 4,667,955 shares during the last quarter. 45.65% of the stock is 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.