Palantir Technologies (NYSE:PLTR) Stock Price Up 2.3% – Time to Buy?

Palantir Technologies Inc. (NYSE:PLTR)’s stock price was up 2.3% during mid-day trading on Wednesday . The company traded as high as $42.66 and last traded at $42.39. Approximately 31,442,729 shares were traded during trading, a decline of 45% from the average daily volume of 57,082,090 shares. The stock had previously closed at $41.45.

Analyst Upgrades and Downgrades

PLTR has been the subject of several research analyst reports. DA Davidson raised their price objective on shares of Palantir Technologies from $24.00 to $28.00 and gave the stock a “neutral” rating in a report on Tuesday, August 6th. Monness Crespi & Hardt dropped their price target on Palantir Technologies from $20.00 to $18.00 and set a “sell” rating on the stock in a research report on Tuesday, August 6th. Northland Capmk raised Palantir Technologies to a “hold” rating in a research report on Thursday, August 22nd. Argus assumed coverage on Palantir Technologies in a report on Monday, June 17th. They set a “buy” rating and a $29.00 price target on the stock. Finally, Wedbush raised their price target on shares of Palantir Technologies from $38.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, September 26th. Five investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Palantir Technologies has an average rating of “Hold” and a consensus target price of $27.29.

Palantir Technologies Stock Performance

The firm has a market capitalization of $96.41 billion, a PE ratio of 353.28 and a beta of 2.72. The stock has a fifty day moving average price of $33.03 and a 200-day moving average price of $27.05.

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

Insider Buying and Selling at Palantir Technologies

In related news, insider David A. Glazer sold 90,000 shares of the company’s stock in a transaction dated 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 owns 298,012 shares of the company’s stock, valued at approximately $8,749,632.32. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, insider Alexander C. Karp sold 4,500,000 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $36.07, for a total transaction of $162,315,000.00. Following the completion of the transaction, the insider now directly owns 6,432,258 shares of the company’s stock, valued at approximately $232,011,546.06. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider David A. Glazer sold 90,000 shares of Palantir Technologies stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $29.36, for a total value of $2,642,400.00. Following the sale, the insider now directly owns 298,012 shares of the company’s stock, valued at $8,749,632.32. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,831,855 shares of company stock worth $649,330,295. Insiders own 12.93% of the company’s stock.

Institutional Trading of Palantir Technologies

Institutional investors and hedge funds have recently bought and sold shares of the business. Summit Securities Group LLC purchased a new stake in shares of Palantir Technologies in the second quarter valued at approximately $25,000. Farmers & Merchants Investments Inc. acquired a new stake in Palantir Technologies in the second quarter valued at $25,000. West Paces Advisors Inc. increased its stake in Palantir Technologies by 110.7% in the first quarter. West Paces Advisors Inc. now owns 1,180 shares of the company’s stock valued at $27,000 after purchasing an additional 620 shares during the last quarter. University of Texas Texas AM Investment Management Co. acquired a new position in shares of Palantir Technologies during the 2nd quarter valued at about $30,000. Finally, Massmutual Trust Co. FSB ADV lifted its holdings in shares of Palantir Technologies by 105.3% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 1,347 shares of the company’s stock worth $31,000 after acquiring an additional 691 shares during the period. Hedge funds and other institutional investors own 45.65% of the company’s stock.

About Palantir Technologies

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.