Palantir Technologies (NYSE:PLTR) Shares Up 4% – Here’s What Happened

Palantir Technologies Inc. (NYSE:PLTR)’s share price rose 4% on Tuesday . The stock traded as high as $70.73 and last traded at $69.04. Approximately 41,844,208 shares changed hands during trading, a decline of 29% from the average daily volume of 58,575,855 shares. The stock had previously closed at $66.39.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on PLTR. Raymond James cut shares of Palantir Technologies from an “outperform” rating to a “market perform” rating in a research note on Monday, September 23rd. Jefferies Financial Group lowered Palantir Technologies from a “hold” rating to an “underperform” rating and set a $28.00 price objective on the stock. in a research note on Thursday, November 7th. Royal Bank of Canada restated an “underperform” rating and issued a $9.00 target price on shares of Palantir Technologies in a research note on Tuesday, August 6th. Argus downgraded shares of Palantir Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, November 7th. Finally, Northland Securities raised their price objective on shares of Palantir Technologies from $35.00 to $38.00 and gave the company a “market perform” rating in a research report on Tuesday, November 5th. Six analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $35.64.

Palantir Technologies Trading Up 6.9 %

The company has a market cap of $161.63 billion, a price-to-earnings ratio of 345.22, a P/E/G ratio of 9.07 and a beta of 2.87. The stock has a 50 day moving average price of $48.86 and a two-hundred day moving average price of $35.05.

Palantir Technologies (NYSE:PLTR) last released its earnings results 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. The firm had revenue of $725.52 million for the quarter, compared to analyst estimates of $705.11 million. Palantir Technologies had a return on equity of 9.94% and a net margin of 18.01%. The company’s quarterly revenue was up 30.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.03 earnings per share. On average, equities analysts forecast that Palantir Technologies Inc. will post 0.21 EPS for the current fiscal year.

Insider Activity at Palantir Technologies

In other Palantir Technologies news, insider Alexander C. Karp sold 1,620,395 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $63.21, for a total transaction of $102,425,167.95. Following the completion of the transaction, the insider now owns 6,432,258 shares in the company, valued at approximately $406,583,028.18. This represents a 20.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lauren Elaina Friedman Stat sold 6,050 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $33.19, for a total value of $200,799.50. Following the transaction, the director now directly owns 158,280 shares of the company’s stock, valued at approximately $5,253,313.20. This trade represents a 3.68 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,143,181 shares of company stock worth $1,602,670,958. 12.93% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Beaird Harris Wealth Management LLC increased its holdings in shares of Palantir Technologies by 1,736.1% during the 3rd quarter. Beaird Harris Wealth Management LLC now owns 31,085 shares of the company’s stock worth $1,156,000 after acquiring an additional 29,392 shares during the last quarter. Franklin Resources Inc. grew its position in shares of Palantir Technologies by 102.3% in the third quarter. Franklin Resources Inc. now owns 171,653 shares of the company’s stock valued at $6,385,000 after purchasing an additional 86,793 shares during the last quarter. Tri Ri Asset Management Corp bought a new position in shares of Palantir Technologies during the third quarter worth approximately $23,403,000. Synovus Financial Corp lifted its holdings in Palantir Technologies by 85.9% during the 3rd quarter. Synovus Financial Corp now owns 17,898 shares of the company’s stock worth $666,000 after purchasing an additional 8,270 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB boosted its stake in Palantir Technologies by 48.7% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 17,538 shares of the company’s stock valued at $652,000 after purchasing an additional 5,747 shares during the period. Institutional investors and hedge funds own 45.65% of the company’s stock.

Palantir Technologies Company Profile

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.