Palantir Technologies (NYSE:PLTR) Trading 5.6% Higher – Here’s What Happened

Palantir Technologies Inc. (NYSE:PLTR) traded up 5.6% during mid-day trading on Friday . The stock traded as high as $75.93 and last traded at $75.91. 40,709,997 shares traded hands during mid-day trading, a decline of 31% from the average session volume of 58,888,586 shares. The stock had previously closed at $71.87.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Northland Capmk raised shares of Palantir Technologies to a “hold” rating in a research report on Thursday, August 22nd. William Blair reaffirmed an “underperform” rating on shares of Palantir Technologies in a report on Wednesday. Mizuho upped their target price on shares of Palantir Technologies from $30.00 to $37.00 and gave the stock an “underperform” rating in a report on Tuesday, November 5th. Northland Securities upped their target price on shares of Palantir Technologies from $35.00 to $38.00 and gave the stock a “market perform” rating in a report on Tuesday, November 5th. Finally, Bank of America boosted their price target on shares of Palantir Technologies from $55.00 to $75.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Six research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Palantir Technologies presently has a consensus rating of “Hold” and an average price target of $35.64.

Palantir Technologies Trading Up 6.2 %

The company’s 50 day moving average is $51.46 and its 200-day moving average is $36.20. The company has a market capitalization of $173.88 billion, a P/E ratio of 379.55, a price-to-earnings-growth ratio of 9.59 and a beta of 2.87.

Palantir Technologies (NYSE:PLTR) last issued its quarterly 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. The company had revenue of $725.52 million during 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% compared to the same quarter last year. During the same period last year, the business earned $0.03 EPS. Analysts predict that Palantir Technologies Inc. will post 0.21 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Heather A. Planishek sold 20,000 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $33.74, for a total transaction of $674,800.00. Following the sale, the insider now directly owns 576,023 shares of the company’s stock, valued at approximately $19,435,016.02. This represents a 3.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Alexander C. Karp sold 4,500,000 shares of the firm’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $36.07, for a total transaction of $162,315,000.00. Following the sale, the insider now directly owns 6,432,258 shares in the company, valued at approximately $232,011,546.06. The trade was a 41.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 39,423,181 shares of company stock worth $1,972,588,658 in the last three months. 12.93% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Palantir Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mather Group LLC. raised its position in shares of Palantir Technologies by 369.3% during the second quarter. Mather Group LLC. now owns 1,572 shares of the company’s stock valued at $40,000 after buying an additional 1,237 shares during the last quarter. CWM LLC grew its holdings in shares of Palantir Technologies by 39.4% in the second quarter. CWM LLC now owns 96,345 shares of the company’s stock valued at $2,440,000 after purchasing an additional 27,252 shares in the last quarter. Csenge Advisory Group grew its holdings in shares of Palantir Technologies by 30.3% in the second quarter. Csenge Advisory Group now owns 16,444 shares of the company’s stock valued at $417,000 after purchasing an additional 3,826 shares in the last quarter. Wesbanco Bank Inc. purchased a new position in Palantir Technologies during the second quarter worth $231,000. Finally, BDF Gestion purchased a new position in Palantir Technologies during the second quarter worth $2,470,000. 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.