Palantir Technologies (NASDAQ:PLTR) Stock Price Up 3.4% After Analyst Upgrade

Palantir Technologies Inc. (NASDAQ:PLTR)’s share price rose 3.4% on Friday after Wedbush raised their price target on the stock from $75.00 to $90.00. Wedbush currently has an outperform rating on the stock. Palantir Technologies traded as high as $82.24 and last traded at $81.69. Approximately 31,749,892 shares traded hands during mid-day trading, a decline of 53% from the average daily volume of 67,221,500 shares. The stock had previously closed at $78.98.

Several other equities research analysts have also recently weighed in on PLTR. Bank of America increased their target price on Palantir Technologies from $55.00 to $75.00 and gave the company a “buy” rating in a report on Monday, November 25th. Jefferies Financial Group downgraded shares of Palantir Technologies from a “hold” rating to an “underperform” rating and set a $28.00 target price on the stock. in a research note on Thursday, November 7th. Robert W. Baird assumed coverage on shares of Palantir Technologies in a report on Thursday, December 12th. They set a “neutral” rating and a $70.00 price target for the company. Morgan Stanley restated an “underweight” rating and issued a $60.00 price objective on shares of Palantir Technologies in a research report on Monday, January 6th. Finally, Argus lowered shares of Palantir Technologies from a “buy” rating to a “hold” rating in a report on Thursday, November 7th. Seven research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Palantir Technologies currently has a consensus rating of “Hold” and a consensus target price of $44.61.

Insider Buying and Selling at Palantir Technologies

In related news, insider Alexander C. Karp sold 3,337,048 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $45.02, for a total transaction of $150,233,900.96. Following the completion of the transaction, the insider now owns 6,432,258 shares of the company’s stock, valued at $289,580,255.16. This trade represents a 34.16 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Lauren Elaina Friedman Stat sold 8,054 shares of Palantir Technologies stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $50.49, for a total value of $406,646.46. Following the transaction, the director now owns 130,250 shares of the company’s stock, valued at $6,576,322.50. The trade was a 5.82 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 23,518,855 shares of company stock valued at $1,438,682,423. 12.93% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Palantir Technologies

Several institutional investors and hedge funds have recently modified their holdings of PLTR. Northwest Investment Counselors LLC bought a new stake in Palantir Technologies during the 3rd quarter valued at about $25,000. Prestige Wealth Management Group LLC increased its position in shares of Palantir Technologies by 747.1% during the third quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock valued at $27,000 after acquiring an additional 650 shares in the last quarter. First PREMIER Bank bought a new stake in shares of Palantir Technologies during the fourth quarter valued at approximately $28,000. Wolff Wiese Magana LLC lifted its position in Palantir Technologies by 230.4% in the 4th quarter. Wolff Wiese Magana LLC now owns 380 shares of the company’s stock valued at $29,000 after acquiring an additional 265 shares in the last quarter. Finally, University of Texas Texas AM Investment Management Co. bought a new position in Palantir Technologies in the 2nd quarter valued at approximately $30,000. 45.65% of the stock is currently owned by institutional investors.

Palantir Technologies Stock Performance

The stock has a fifty day simple moving average of $71.70 and a 200 day simple moving average of $48.53. The firm has a market cap of $179.92 billion, a P/E ratio of 394.92, a price-to-earnings-growth ratio of 7.08 and a beta of 2.82.

Palantir Technologies (NASDAQ:PLTR) last released its quarterly earnings data on Monday, November 4th. The company reported $0.10 EPS 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 company had revenue of $725.52 million for the quarter, compared to analysts’ expectations of $705.11 million. During the same period last year, the firm posted $0.03 earnings per share. Palantir Technologies’s revenue was up 30.0% compared to the same quarter last year. Research analysts predict that Palantir Technologies Inc. will post 0.2 earnings per share for the current year.

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.