Bank of Nova Scotia Decreases Stock Position in Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• Bank of Nova Scotia has decreased its position in Palantir Technologies Inc. by 17.6%, now holding 222,829 shares valued at approximately $18.8 million.
• Several institutional investors have increased their stakes in Palantir, with 45.65% of the stock now owned by institutional investors.
• Palantir's recent performance includes an earnings per share of $0.13 for the quarter, matching analyst expectations, and a 39.4% year-over-year revenue increase to $883.86 million.

Bank of Nova Scotia lessened its holdings in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 17.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 222,829 shares of the company's stock after selling 47,604 shares during the quarter. Bank of Nova Scotia's holdings in Palantir Technologies were worth $18,807,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Allegiance Financial Group Advisory Services LLC grew its stake in Palantir Technologies by 3.0% in the first quarter. Allegiance Financial Group Advisory Services LLC now owns 2,917 shares of the company's stock valued at $246,000 after purchasing an additional 84 shares in the last quarter. Sovran Advisors LLC boosted its stake in shares of Palantir Technologies by 1.8% during the 1st quarter. Sovran Advisors LLC now owns 5,453 shares of the company's stock worth $460,000 after acquiring an additional 94 shares during the period. Lodestone Wealth Management LLC boosted its stake in shares of Palantir Technologies by 1.1% during the 1st quarter. Lodestone Wealth Management LLC now owns 8,950 shares of the company's stock worth $755,000 after acquiring an additional 97 shares during the period. Continuum Advisory LLC boosted its stake in shares of Palantir Technologies by 3.8% during the 4th quarter. Continuum Advisory LLC now owns 2,670 shares of the company's stock worth $202,000 after acquiring an additional 98 shares during the period. Finally, Kathmere Capital Management LLC boosted its stake in shares of Palantir Technologies by 0.5% during the 1st quarter. Kathmere Capital Management LLC now owns 18,145 shares of the company's stock worth $1,531,000 after acquiring an additional 99 shares during the period. Hedge funds and other institutional investors own 45.65% of the company's stock.

Palantir Technologies Price Performance

Shares of Palantir Technologies stock traded up $12.61 during trading hours on Tuesday, reaching $173.27. The company had a trading volume of 129,416,154 shares, compared to its average volume of 56,271,788. The firm has a market cap of $408.90 billion, a PE ratio of 577.59, a price-to-earnings-growth ratio of 13.70 and a beta of 2.60. Palantir Technologies Inc. has a one year low of $25.57 and a one year high of $176.33. The business has a fifty day simple moving average of $141.12 and a 200 day simple moving average of $113.19.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The company reported $0.16 earnings per share for the quarter, beating analysts' consensus estimates of $0.14 by $0.02. The business had revenue of $1 billion for the quarter, compared to the consensus estimate of $939.29 million. Palantir Technologies had a return on equity of 11.26% and a net margin of 22.18%. The company's revenue for the quarter was up 48.0% on a year-over-year basis. During the same quarter last year, the business posted $0.09 earnings per share. On average, research analysts forecast that Palantir Technologies Inc. will post 0.31 EPS for the current year.

Insider Buying and Selling

In related news, Director Lauren Elaina Friedman Stat sold 800 shares of the firm's stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $139.61, for a total value of $111,688.00. Following the sale, the director directly owned 62,887 shares of the company's stock, valued at $8,779,654.07. This trade represents a 1.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Ryan D. Taylor sold 33,335 shares of the firm's stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $150.00, for a total value of $5,000,250.00. Following the completion of the sale, the insider directly owned 363,755 shares in the company, valued at $54,563,250. The trade was a 8.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,485,632 shares of company stock valued at $191,222,623 over the last ninety days. Corporate insiders own 12.93% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PLTR. DA Davidson boosted their price target on Palantir Technologies from $115.00 to $170.00 and gave the company a "neutral" rating in a research note on Tuesday. The Goldman Sachs Group lifted their price objective on Palantir Technologies from $80.00 to $90.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Cantor Fitzgerald lifted their price objective on Palantir Technologies from $110.00 to $155.00 and gave the company a "neutral" rating in a report on Tuesday. Morgan Stanley lifted their price objective on Palantir Technologies from $98.00 to $155.00 and gave the company an "equal weight" rating in a report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft raised Palantir Technologies from a "sell" rating to a "hold" rating and boosted their price target for the stock from $80.00 to $160.00 in a report on Tuesday. Three equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $122.20.

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.