Palantir Technologies (NASDAQ:PLTR) Stock Price Up 4.4% – Should You Buy?

Palantir Technologies Inc. (NASDAQ:PLTR)’s share price traded up 4.4% during trading on Tuesday . The stock traded as high as $79.46 and last traded at $78.74. 27,885,928 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 68,070,008 shares. The stock had previously closed at $75.44.

Wall Street Analysts Forecast Growth

PLTR has been the topic of several research reports. Robert W. Baird assumed coverage on Palantir Technologies in a report on Thursday, December 12th. They set a “neutral” rating and a $70.00 price target on the stock. Morgan Stanley restated an “underweight” rating and issued a $60.00 price target on shares of Palantir Technologies in a research report on Monday, January 6th. Mizuho lifted their price target on shares of Palantir Technologies from $37.00 to $44.00 and gave the stock an “underperform” rating in a report on Friday, December 13th. Wedbush increased their price objective on Palantir Technologies from $75.00 to $90.00 and gave the company an “outperform” rating in a report on Thursday, January 23rd. Finally, Bank of America increased their price target on Palantir Technologies from $55.00 to $75.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Seven research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $44.61.

Palantir Technologies Stock Performance

The company has a market capitalization of $185.02 billion, a P/E ratio of 406.12, a PEG ratio of 7.08 and a beta of 2.82. The stock has a 50 day moving average price of $72.94 and a 200 day moving average price of $50.10.

Palantir Technologies (NASDAQ:PLTR) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.10 earnings per share for the quarter, beating 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 business had revenue of $725.52 million during the quarter, compared to analyst estimates of $705.11 million. During the same period in the prior year, the company earned $0.03 earnings per share. Palantir Technologies’s revenue was up 30.0% compared to the same quarter last year. As a group, sell-side analysts expect that Palantir Technologies Inc. will post 0.2 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Heather A. Planishek sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $49.96, for a total transaction of $999,200.00. Following the transaction, the insider now directly owns 562,006 shares in the company, valued at $28,077,819.76. This trade represents a 3.44 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Alexandra W. Schiff sold 4,000 shares of Palantir Technologies stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $71.63, for a total transaction of $286,520.00. Following the completion of the transaction, the director now directly owns 195,393 shares in the company, valued at approximately $13,996,000.59. The trade was a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,181,807 shares of company stock valued at $1,288,448,522. Company insiders own 12.93% of the company’s stock.

Hedge Funds Weigh In On Palantir Technologies

A number of institutional investors have recently bought and sold shares of PLTR. State Street Corp boosted its stake in Palantir Technologies by 96.4% in the 3rd quarter. State Street Corp now owns 82,512,440 shares of the company’s stock worth $3,069,463,000 after purchasing an additional 40,498,024 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Palantir Technologies by 52.9% in the third 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 during the period. International Assets Investment Management LLC increased its position in shares of Palantir Technologies by 3,476.2% during the 3rd quarter. International Assets Investment Management LLC now owns 6,832,301 shares of the company’s stock valued at $254,162,000 after purchasing an additional 6,641,253 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Palantir Technologies by 60.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 12,387,040 shares of the company’s stock valued at $460,798,000 after buying an additional 4,667,955 shares during the last quarter. Finally, Lord Abbett & CO. LLC raised its holdings in Palantir Technologies by 943.2% in the 3rd quarter. Lord Abbett & CO. LLC now owns 3,300,766 shares of the company’s stock worth $122,788,000 after purchasing an additional 2,984,348 shares during the period. 45.65% of the stock is 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.