Elite Wealth Management Inc. Cuts Stock Holdings in Palantir Technologies Inc. (NYSE:PLTR)

Elite Wealth Management Inc. lowered its position in shares of Palantir Technologies Inc. (NYSE:PLTR) by 38.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 94,484 shares of the company’s stock after selling 57,958 shares during the period. Palantir Technologies comprises about 0.1% of Elite Wealth Management Inc.’s holdings, making the stock its 20th largest holding. Elite Wealth Management Inc.’s holdings in Palantir Technologies were worth $2,393,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Palantir Technologies by 3.5% during the 4th quarter. Vanguard Group Inc. now owns 193,805,263 shares of the company’s stock valued at $3,327,636,000 after acquiring an additional 6,466,596 shares during the last quarter. SG Americas Securities LLC raised its position in shares of Palantir Technologies by 183.3% during the first quarter. SG Americas Securities LLC now owns 158,394 shares of the company’s stock valued at $3,645,000 after buying an additional 102,479 shares during the last quarter. Accel Wealth Management bought a new position in shares of Palantir Technologies during the 1st quarter valued at about $360,000. Panagora Asset Management Inc. grew its holdings in Palantir Technologies by 185.6% during the 4th quarter. Panagora Asset Management Inc. now owns 76,695 shares of the company’s stock valued at $1,317,000 after buying an additional 49,839 shares in the last quarter. Finally, ProShare Advisors LLC purchased a new stake in Palantir Technologies during the first quarter valued at $262,000. Hedge funds and other institutional investors own 45.65% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Argus started coverage on Palantir Technologies in a research report on Monday, June 17th. They issued a “buy” rating and a $29.00 price target for the company. DA Davidson boosted their price target on Palantir Technologies from $24.00 to $28.00 and gave the company a “neutral” rating in a research note on Tuesday, August 6th. Northland Securities started coverage on shares of Palantir Technologies in a research note on Thursday, August 22nd. They issued a “market perform” rating and a $35.00 price objective on the stock. Mizuho cut Palantir Technologies from a “neutral” rating to an “underperform” rating and lifted their price target for the company from $21.00 to $22.00 in a research report on Tuesday, July 16th. Finally, Royal Bank of Canada restated an “underperform” rating and issued a $9.00 price target on shares of Palantir Technologies in a research note on Tuesday, August 6th. Five research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Palantir Technologies currently has an average rating of “Hold” and a consensus target price of $26.79.

Insider Activity

In other Palantir Technologies news, insider David A. Glazer sold 90,000 shares of Palantir Technologies stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $29.36, for a total value of $2,642,400.00. Following the completion of the sale, the insider now directly owns 298,012 shares of the company’s stock, valued at $8,749,632.32. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider David A. Glazer sold 90,000 shares of Palantir Technologies stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $29.36, for a total transaction of $2,642,400.00. Following the sale, the insider now directly owns 298,012 shares in the company, valued at approximately $8,749,632.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Alexander C. Karp sold 4,500,000 shares of the company’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 $232,011,546.06. The disclosure for this sale can be found here. Insiders sold 5,383,238 shares of company stock valued at $190,231,672 over the last quarter. 12.93% of the stock is owned by company insiders.

Palantir Technologies Stock Performance

Shares of PLTR stock opened at $36.83 on Friday. The company’s 50 day moving average price is $30.20 and its two-hundred day moving average price is $25.74. The company has a market capitalization of $82.01 billion, a P/E ratio of 306.88, a price-to-earnings-growth ratio of 6.16 and a beta of 2.72. Palantir Technologies Inc. has a 52 week low of $13.68 and a 52 week high of $37.35.

Palantir Technologies (NYSE:PLTR) last issued its earnings results on Monday, August 5th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.01). Palantir Technologies had a return on equity of 8.88% and a net margin of 16.32%. The business had revenue of $678.13 million for the quarter, compared to the consensus estimate of $653.23 million. During the same quarter in the prior year, the firm posted $0.01 earnings per share. The business’s revenue was up 27.2% compared to the same quarter last year. Analysts forecast that Palantir Technologies Inc. will post 0.19 earnings per share for the current year.

Palantir Technologies 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.