Palantir Technologies (NASDAQ:PLTR) Trading 1.3% Higher – Here’s Why

Palantir Technologies Inc. (NASDAQ:PLTR) traded up 1.3% during mid-day trading on Wednesday . The company traded as high as $125.65 and last traded at $125.03. 28,804,188 shares were traded during trading, a decline of 63% from the average session volume of 77,718,474 shares. The stock had previously closed at $123.39.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Royal Bank of Canada restated an “underperform” rating on shares of Palantir Technologies in a report on Tuesday, May 6th. Cantor Fitzgerald raised their price target on shares of Palantir Technologies from $98.00 to $110.00 and gave the stock a “neutral” rating in a report on Tuesday, May 6th. Mizuho raised their price target on shares of Palantir Technologies from $80.00 to $94.00 and gave the stock an “underperform” rating in a report on Tuesday, May 6th. Morgan Stanley raised their price target on shares of Palantir Technologies from $90.00 to $98.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 6th. Finally, Loop Capital raised their price target on shares of Palantir Technologies from $125.00 to $130.00 and gave the stock a “buy” rating in a report on Tuesday, May 6th. Five analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $83.95.

Palantir Technologies Price Performance

The company’s 50 day simple moving average is $104.13 and its 200 day simple moving average is $88.73. The firm has a market cap of $291.79 billion, a price-to-earnings ratio of 655.50, a P/E/G ratio of 10.84 and a beta of 2.68.

Palantir Technologies (NASDAQ:PLTR) last posted its quarterly earnings results on Monday, May 5th. The company reported $0.13 EPS for the quarter, hitting the consensus estimate of $0.13. The business had revenue of $883.86 million during the quarter, compared to the consensus estimate of $863.89 million. Palantir Technologies had a net margin of 16.13% and a return on equity of 6.85%. The company’s quarterly revenue was up 39.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.08 earnings per share. As a group, analysts forecast that Palantir Technologies Inc. will post 0.31 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Ryan D. Taylor sold 3,936 shares of the business’s stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $125.97, for a total value of $495,817.92. Following the completion of the sale, the insider now directly owns 363,755 shares of the company’s stock, valued at $45,822,217.35. The trade was a 1.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Alexander C. Karp sold 358,982 shares of the business’s stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $126.39, for a total transaction of $45,371,734.98. Following the completion of the sale, the insider now directly owns 6,432,258 shares of the company’s stock, valued at approximately $812,973,088.62. This trade represents a 5.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,901,701 shares of company stock valued at $370,407,533 in the last ninety days. Insiders own 9.23% of the company’s stock.

Institutional Investors Weigh In On Palantir Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC lifted its position in Palantir Technologies by 8.6% in the fourth quarter. Geode Capital Management LLC now owns 52,074,232 shares of the company’s stock valued at $3,929,401,000 after acquiring an additional 4,127,306 shares during the last quarter. Northern Trust Corp raised its holdings in shares of Palantir Technologies by 0.3% in the first quarter. Northern Trust Corp now owns 19,553,438 shares of the company’s stock valued at $1,650,310,000 after buying an additional 64,973 shares during the last quarter. Norges Bank purchased a new stake in shares of Palantir Technologies in the fourth quarter valued at about $1,360,191,000. Invesco Ltd. raised its holdings in shares of Palantir Technologies by 20.3% in the first quarter. Invesco Ltd. now owns 17,746,956 shares of the company’s stock valued at $1,497,843,000 after buying an additional 2,998,716 shares during the last quarter. Finally, FMR LLC raised its holdings in shares of Palantir Technologies by 22.6% in the fourth quarter. FMR LLC now owns 15,296,371 shares of the company’s stock valued at $1,156,864,000 after buying an additional 2,818,090 shares during the last quarter. 45.65% of the stock is 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.