Palantir Technologies (NASDAQ:PLTR) Shares Up 1.1% – Here’s Why

Shares of Palantir Technologies Inc. (NASDAQ:PLTR) rose 1.1% on Tuesday . The stock traded as high as $125.00 and last traded at $120.53. Approximately 39,157,102 shares changed hands during trading, a decline of 52% from the average daily volume of 81,349,719 shares. The stock had previously closed at $119.16.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PLTR. DA Davidson increased their price target on Palantir Technologies from $47.00 to $105.00 and gave the company a “neutral” rating in a research note on Tuesday, February 4th. Jefferies Financial Group lifted their target price on shares of Palantir Technologies from $28.00 to $60.00 and gave the stock an “underperform” rating in a research note on Tuesday, February 4th. Robert W. Baird boosted their target price 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. Baird R W raised shares of Palantir Technologies to a “hold” rating in a report on Thursday, December 12th. Finally, William Blair reissued an “underperform” rating on shares of Palantir Technologies in a report on Wednesday, December 18th. Six analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Palantir Technologies currently has a consensus rating of “Hold” and an average price target of $69.44.

Palantir Technologies Price Performance

The stock’s fifty day moving average is $83.91 and its 200-day moving average is $58.13. The stock has a market capitalization of $283.89 billion, a PE ratio of 655.93, a P/E/G ratio of 11.44 and a beta of 2.81.

Insider Activity at Palantir Technologies

In other news, insider Alexander C. Karp sold 38,093 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $63.01, for a total value of $2,400,239.93. Following the transaction, the insider now owns 6,432,258 shares in the company, valued at $405,296,576.58. This trade represents a 0.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Lauren Elaina Friedman Stat sold 800 shares of Palantir Technologies stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $76.29, for a total transaction of $61,032.00. Following the sale, the director now directly owns 62,139 shares in the company, valued at approximately $4,740,584.31. This trade represents a 1.27 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 8,339,480 shares of company stock worth $578,221,285 in the last 90 days. Corporate insiders own 12.93% of the company’s stock.

Institutional Investors Weigh In On Palantir Technologies

A number of large investors have recently made changes to their positions in the stock. Josh Arnold Investment Consultant LLC acquired a new position in Palantir Technologies during the fourth quarter worth $1,842,000. Neo Ivy Capital Management purchased a new position in shares of Palantir Technologies during the 4th quarter worth $5,576,000. McMill Wealth Management acquired a new position in shares of Palantir Technologies during the 4th quarter valued at about $391,000. Hudson Value Partners LLC purchased a new stake in shares of Palantir Technologies in the fourth quarter valued at about $219,000. Finally, Strait & Sound Wealth Management LLC increased its position in Palantir Technologies by 291.5% during the fourth quarter. Strait & Sound Wealth Management LLC now owns 23,708 shares of the company’s stock worth $1,793,000 after purchasing an additional 17,653 shares during the last quarter. 45.65% of the stock is currently owned by hedge funds and other 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.