Palantir Technologies (NYSE:PLTR) Trading 1.3% Higher – What’s Next?

Palantir Technologies Inc. (NYSE:PLTR)’s stock price shot up 1.3% during trading on Friday . The stock traded as high as $63.04 and last traded at $62.13. 15,688,534 shares changed hands during trading, a decline of 73% from the average session volume of 58,617,684 shares. The stock had previously closed at $61.36.

Wall Street Analysts Forecast Growth

PLTR has been the topic of a number of analyst reports. Wedbush lifted their price objective on Palantir Technologies from $38.00 to $45.00 and gave the stock an “outperform” rating in a research report on Thursday, September 26th. Northland Securities increased their price target on Palantir Technologies from $35.00 to $38.00 and gave the stock a “market perform” rating in a report on Tuesday, November 5th. Monness Crespi & Hardt cut their price objective on Palantir Technologies from $20.00 to $18.00 and set a “sell” rating for the company in a research report on Tuesday, August 6th. Royal Bank of Canada reaffirmed an “underperform” rating and set a $9.00 target price on shares of Palantir Technologies in a research note on Tuesday, August 6th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of Palantir Technologies from $20.00 to $21.00 and gave the company a “sell” rating in a research note on Tuesday, August 6th. Six analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Palantir Technologies has a consensus rating of “Hold” and an average price target of $31.71.

Palantir Technologies Stock Performance

The stock has a market capitalization of $145.22 billion, a price-to-earnings ratio of 320.22 and a beta of 2.70. The company has a 50-day moving average of $45.36 and a 200-day moving average of $33.04.

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

Insider Transactions at Palantir Technologies

In other news, insider Alexander C. Karp sold 4,500,000 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $36.07, for a total value of $162,315,000.00. Following the completion of the sale, the insider now directly owns 6,432,258 shares of the company’s stock, valued at approximately $232,011,546.06. This represents a 41.16 % 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 155,539 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $35.02, for a total transaction of $5,446,975.78. Following the completion of the sale, the insider now directly owns 331,369 shares of the company’s stock, valued at approximately $11,604,542.38. This represents a 31.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 32,547,056 shares of company stock valued at $1,500,642,721. 12.93% of the stock is currently owned by corporate insiders.

Institutional Trading of Palantir Technologies

A number of hedge funds have recently modified their holdings of the business. Northwest Investment Counselors LLC purchased a new position in Palantir Technologies in the third quarter valued at about $25,000. Prestige Wealth Management Group LLC increased its position in Palantir Technologies by 747.1% during the third quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock worth $27,000 after buying an additional 650 shares during the last quarter. Summit Securities Group LLC acquired a new position in Palantir Technologies during the second quarter worth $25,000. Farmers & Merchants Investments Inc. acquired a new position in Palantir Technologies during the second quarter worth $25,000. Finally, Creekmur Asset Management LLC increased its position in Palantir Technologies by 46.0% during the third quarter. Creekmur Asset Management LLC now owns 1,063 shares of the company’s stock worth $40,000 after buying an additional 335 shares during the last quarter. Hedge funds and other institutional investors own 45.65% of the company’s stock.

About Palantir Technologies

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.