Palantir Technologies (NYSE:PLTR) Shares Gap Up – What’s Next?

Palantir Technologies Inc. (NYSE:PLTR)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $59.18, but opened at $61.01. Palantir Technologies shares last traded at $62.65, with a volume of 17,013,443 shares trading hands.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft boosted their target price on Palantir Technologies from $20.00 to $21.00 and gave the company a “sell” rating in a research report on Tuesday, August 6th. Bank of America increased their target price on shares of Palantir Technologies from $30.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Jefferies Financial Group lowered shares of Palantir Technologies from a “hold” rating to an “underperform” rating and set a $28.00 target price for the company. in a report on Thursday, November 7th. Citigroup upped their price target on shares of Palantir Technologies from $25.00 to $28.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. Finally, Argus downgraded shares of Palantir Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, November 7th. Six investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Palantir Technologies has an average rating of “Hold” and a consensus price target of $31.71.

Palantir Technologies Stock Performance

The company has a fifty day simple moving average of $43.19 and a two-hundred day simple moving average of $32.01. The firm has a market capitalization of $147.29 billion, a PE ratio of 328.87 and a beta of 2.70.

Palantir Technologies (NYSE:PLTR) last released its quarterly earnings data on Monday, November 4th. The company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. The company had revenue of $725.52 million during the quarter, compared to analyst estimates of $705.11 million. Palantir Technologies had a net margin of 18.01% and a return on equity of 9.94%. The firm’s revenue for the quarter was up 30.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.03 earnings per share. On average, equities analysts anticipate that Palantir Technologies Inc. will post 0.21 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Alexander C. Karp sold 4,500,000 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $63.10, for a total value of $283,950,000.00. Following the sale, the insider now directly owns 6,432,258 shares in the company, valued at approximately $405,875,479.80. This trade represents a 41.16 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Shyam Sankar sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $32.35, for a total transaction of $1,617,500.00. Following the transaction, the insider now owns 752,786 shares of the company’s stock, valued at approximately $24,352,627.10. This trade represents a 6.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 31,562,840 shares of company stock worth $1,435,787,316 over the last 90 days. Company insiders own 12.93% of the company’s stock.

Institutional Trading of Palantir Technologies

Institutional investors have recently made changes to their positions in the business. Summit Securities Group LLC acquired a new position in Palantir Technologies during the 2nd quarter valued at approximately $25,000. Farmers & Merchants Investments Inc. purchased a new stake in Palantir Technologies during the 2nd quarter valued at about $25,000. Northwest Investment Counselors LLC purchased a new stake in Palantir Technologies during the 3rd quarter valued at about $25,000. Prestige Wealth Management Group LLC lifted its holdings 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 worth $27,000 after purchasing an additional 650 shares during the period. Finally, University of Texas Texas AM Investment Management Co. purchased a new stake in Palantir Technologies in the second quarter valued at approximately $30,000. 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.