Elequin Capital LP Buys New Position in Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• Elequin Capital LP has bought a new stake in Palantir Technologies, acquiring 15,372 shares valued at approximately $1.3 million.
• Multiple institutional investors have adjusted their positions in Palantir, with cornerstone planning group increasing holdings by 90.2% during the same quarter.
• Palantir's latest earnings showed a 48% year-over-year revenue increase, reporting $1 billion for the quarter and surpassing the consensus estimate.

Elequin Capital LP bought a new stake in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 15,372 shares of the company's stock, valued at approximately $1,297,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Mechanics Financial Corp bought a new position in Palantir Technologies in the first quarter worth $25,000. Richardson Capital Management LLC purchased a new stake in shares of Palantir Technologies in the first quarter worth $33,000. Cornerstone Planning Group LLC increased its holdings in shares of Palantir Technologies by 90.2% during the first quarter. Cornerstone Planning Group LLC now owns 390 shares of the company's stock valued at $33,000 after acquiring an additional 185 shares in the last quarter. Atlantic Edge Private Wealth Management LLC raised its position in shares of Palantir Technologies by 45.5% in the 1st quarter. Atlantic Edge Private Wealth Management LLC now owns 400 shares of the company's stock worth $34,000 after purchasing an additional 125 shares during the last quarter. Finally, Godsey & Gibb Inc. boosted its stake in Palantir Technologies by 740.0% in the 1st quarter. Godsey & Gibb Inc. now owns 420 shares of the company's stock worth $35,000 after purchasing an additional 370 shares in the last quarter. Institutional investors own 45.65% of the company's stock.

Insider Activity

In other news, insider Shyam Sankar sold 405,000 shares of Palantir Technologies stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $132.08, for a total transaction of $53,492,400.00. Following the transaction, the insider directly owned 702,786 shares of the company's stock, valued at $92,823,974.88. The trade was a 36.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider David A. Glazer sold 30,812 shares of Palantir Technologies stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $126.39, for a total value of $3,894,328.68. Following the transaction, the insider directly owned 495,497 shares in the company, valued at approximately $62,625,865.83. The trade was a 5.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,515,632 shares of company stock worth $196,472,623. 9.23% of the stock is currently owned by corporate insiders.

Palantir Technologies Stock Performance

Shares of NASDAQ:PLTR opened at $177.17 on Friday. The stock has a market capitalization of $418.11 billion, a price-to-earnings ratio of 590.59, a PEG ratio of 9.99 and a beta of 2.60. The stock's 50-day simple moving average is $151.03 and its two-hundred day simple moving average is $119.48. Palantir Technologies Inc. has a 52-week low of $29.31 and a 52-week high of $190.00.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.02. The business had revenue of $1 billion for the quarter, compared to analysts' expectations of $939.29 million. Palantir Technologies had a return on equity of 10.75% and a net margin of 22.18%. The business's revenue for the quarter was up 48.0% on a year-over-year basis. During the same period last year, the firm posted $0.09 earnings per share. As a group, equities analysts forecast that Palantir Technologies Inc. will post 0.31 earnings per share for the current fiscal year.

Analyst Ratings Changes

PLTR has been the topic of a number of analyst reports. Cantor Fitzgerald upped their price target on shares of Palantir Technologies from $110.00 to $155.00 and gave the stock a "neutral" rating in a research note on Tuesday, August 5th. Wedbush set a $200.00 price target on shares of Palantir Technologies and gave the stock an "outperform" rating in a research note on Tuesday, August 5th. Wall Street Zen upgraded shares of Palantir Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Piper Sandler set a $182.00 price target on shares of Palantir Technologies in a research note on Tuesday, August 5th. Finally, The Goldman Sachs Group upped their price target on shares of Palantir Technologies from $90.00 to $141.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 6th. Two research analysts have rated the stock with a sell rating, seventeen have given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $136.61.

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.

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