Wedbush Forecasts Strong Price Appreciation for Palantir Technologies (NYSE:PLTR) Stock

Palantir Technologies (NYSE:PLTR) had its price target lifted by investment analysts at Wedbush from $57.00 to $75.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Wedbush’s price objective indicates a potential upside of 14.09% from the company’s current price.

Other equities research analysts have also issued research reports about the stock. Northland Securities lifted their target price on shares of Palantir Technologies from $35.00 to $38.00 and gave the company a “market perform” rating in a research note on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Palantir Technologies from $20.00 to $21.00 and gave the company a “sell” rating in a research note on Tuesday, August 6th. Northland Capmk raised shares of Palantir Technologies to a “hold” rating in a research note on Thursday, August 22nd. Bank of America lifted their price target on shares of Palantir Technologies from $55.00 to $75.00 and gave the company a “buy” rating in a research report on Monday. Finally, Citigroup lifted their price target on shares of Palantir Technologies from $25.00 to $28.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. Six investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $35.64.

Palantir Technologies Stock Performance

PLTR stock opened at $65.74 on Monday. Palantir Technologies has a 52 week low of $15.66 and a 52 week high of $67.88. The firm’s fifty day moving average is $47.09 and its 200 day moving average is $34.10. The firm has a market cap of $149.76 billion, a P/E ratio of 328.72 and a beta of 2.70.

Palantir Technologies (NYSE:PLTR) last released its earnings results on Monday, November 4th. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.09 by $0.01. The company had revenue of $725.52 million for 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 quarterly revenue was up 30.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.03 EPS. As a group, analysts forecast that Palantir Technologies will post 0.21 EPS for the current year.

Insiders Place Their Bets

In other news, Director Peter Thiel sold 4,254,666 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $36.77, for a total value of $156,444,068.82. Following the transaction, the director now owns 51,234,275 shares of the company’s stock, valued at approximately $1,883,884,291.75. The trade was a 7.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Alexander C. Karp sold 1,620,395 shares of the business’s stock in a transaction on 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 directly owns 6,432,258 shares in the company, valued at $406,583,028.18. This trade represents a 20.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,167,451 shares of company stock worth $1,603,067,889 over the last three months. 12.93% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Palantir Technologies

A number of hedge funds have recently bought and sold shares of the business. Walter & Keenan Wealth Management LLC IN ADV raised its stake in Palantir Technologies by 1.2% during the third quarter. Walter & Keenan Wealth Management LLC IN ADV now owns 19,587 shares of the company’s stock valued at $729,000 after purchasing an additional 235 shares in the last quarter. Greater Midwest Financial Group LLC raised its stake in shares of Palantir Technologies by 0.3% in the third quarter. Greater Midwest Financial Group LLC now owns 87,392 shares of the company’s stock valued at $3,251,000 after acquiring an additional 250 shares during the period. Quantum Private Wealth LLC raised its stake in shares of Palantir Technologies by 1.1% in the third quarter. Quantum Private Wealth LLC now owns 23,257 shares of the company’s stock valued at $865,000 after acquiring an additional 250 shares during the period. Truvestments Capital LLC raised its stake in shares of Palantir Technologies by 2.4% in the third quarter. Truvestments Capital LLC now owns 12,169 shares of the company’s stock valued at $453,000 after acquiring an additional 291 shares during the period. Finally, LCM Capital Management Inc raised its stake in shares of Palantir Technologies by 0.9% in the third quarter. LCM Capital Management Inc now owns 32,455 shares of the company’s stock valued at $1,207,000 after acquiring an additional 300 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.