Drive Wealth Management LLC Acquires 2,004 Shares of Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• Drive Wealth Management LLC has increased its stake in Palantir Technologies by 57.8%, acquiring 2,004 additional shares to bring its total holdings to 5,470 shares worth approximately $462,000.
• Several other investors have also made moves in Palantir, with mechanics Financial Corp and Richardson Capital Management LLC each acquiring new positions during the first quarter.
• Palantir Technologies reported a revenue of $883.86 million for the last quarter, surpassing analyst estimates and showing a 39.4% increase year-over-year.

Drive Wealth Management LLC boosted its holdings in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 57.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,470 shares of the company's stock after acquiring an additional 2,004 shares during the quarter. Drive Wealth Management LLC's holdings in Palantir Technologies were worth $462,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Mechanics Financial Corp bought a new position in shares of Palantir Technologies during the 1st quarter worth approximately $25,000. Richardson Capital Management LLC bought a new position in shares of Palantir Technologies during the 1st quarter worth approximately $33,000. Cornerstone Planning Group LLC lifted its position in shares of Palantir Technologies by 90.2% during the 1st quarter. Cornerstone Planning Group LLC now owns 390 shares of the company's stock worth $33,000 after buying an additional 185 shares in the last quarter. Summit Securities Group LLC bought a new position in shares of Palantir Technologies during the 4th quarter worth approximately $34,000. Finally, Atlantic Edge Private Wealth Management LLC lifted its position in shares of Palantir Technologies by 45.5% during the 1st quarter. Atlantic Edge Private Wealth Management LLC now owns 400 shares of the company's stock worth $34,000 after buying an additional 125 shares in the last quarter. Institutional investors own 45.65% of the company's stock.

Insider Activity

In other news, insider Ryan D. Taylor sold 35,480 shares of the business's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $126.39, for a total transaction of $4,484,317.20. Following the completion of the transaction, the insider directly owned 367,691 shares in the company, valued at $46,472,465.49. The trade was a 8.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider David A. Glazer sold 30,812 shares of the business's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $126.39, for a total transaction of $3,894,328.68. Following the transaction, the insider owned 495,497 shares of the company's stock, valued at $62,625,865.83. This trade represents a 5.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,485,632 shares of company stock worth $191,222,623. Company insiders own 9.23% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on PLTR shares. The Goldman Sachs Group lifted their target price on shares of Palantir Technologies from $80.00 to $90.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Wedbush set a $160.00 target price on shares of Palantir Technologies in a research report on Thursday, July 10th. Citigroup lifted their price target on shares of Palantir Technologies from $110.00 to $115.00 and gave the stock a "neutral" rating in a report on Thursday, May 8th. Daiwa America raised shares of Palantir Technologies to a "hold" rating in a report on Tuesday, April 1st. Finally, Mizuho raised shares of Palantir Technologies from an "underperform" rating to a "neutral" rating and lifted their price target for the stock from $116.00 to $135.00 in a report on Wednesday, July 16th. Four equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $95.30.

Palantir Technologies Price Performance

PLTR opened at $158.80 on Friday. The company has a fifty day moving average price of $137.03 and a 200-day moving average price of $108.85. The firm has a market capitalization of $374.75 billion, a P/E ratio of 690.43, a price-to-earnings-growth ratio of 13.22 and a beta of 2.59. Palantir Technologies Inc. has a one year low of $21.23 and a one year high of $160.39.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported $0.13 EPS for the quarter, meeting analysts' consensus estimates of $0.13. The firm had revenue of $883.86 million during the quarter, compared to analyst estimates of $863.89 million. Palantir Technologies had a net margin of 18.32% and a return on equity of 6.55%. The business's revenue for the quarter was up 39.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.08 EPS. On average, analysts expect that Palantir Technologies Inc. will post 0.31 earnings per share for the current year.

About Palantir Technologies

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.

Want to see what other hedge funds are holding PLTR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Palantir Technologies Inc. (NASDAQ:PLTR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.