Evolution Wealth Advisors LLC Trims Holdings in Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• Evolution Wealth Advisors LLC reduced its holdings in Palantir Technologies by 13.7%, owning 59,560 shares worth approximately $5,027,000 after selling 9,422 shares in the first quarter.
• Palantir Technologies' stock experienced a significant increase, with a reported 7.8% rise, following a strong quarterly earnings release that surpassed consensus estimates with a revenue of $1 billion.
• Research analysts have set varying price targets for Palantir's stock, with targets ranging from $177.00 to $200.00, while the average rating is classified as "Hold."

Evolution Wealth Advisors LLC lowered its stake in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 13.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 59,560 shares of the company's stock after selling 9,422 shares during the quarter. Palantir Technologies accounts for about 0.8% of Evolution Wealth Advisors LLC's portfolio, making the stock its 23rd largest position. Evolution Wealth Advisors LLC's holdings in Palantir Technologies were worth $5,027,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PLTR. Mechanics Financial Corp purchased a new position in Palantir Technologies in the first quarter valued at $25,000. Richardson Capital Management LLC purchased a new stake in Palantir Technologies during the first quarter worth approximately $33,000. Cornerstone Planning Group LLC boosted its holdings in Palantir Technologies by 90.2% in the first quarter. Cornerstone Planning Group LLC now owns 390 shares of the company's stock valued at $33,000 after purchasing an additional 185 shares in the last quarter. Atlantic Edge Private Wealth Management LLC increased its stake in Palantir Technologies by 45.5% in the first quarter. Atlantic Edge Private Wealth Management LLC now owns 400 shares of the company's stock valued at $34,000 after purchasing an additional 125 shares during the last quarter. Finally, Godsey & Gibb Inc. raised its holdings in Palantir Technologies by 740.0% during the first 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. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Palantir Technologies news, insider Ryan D. Taylor sold 30,000 shares of the firm's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $175.00, for a total transaction of $5,250,000.00. Following the completion of the transaction, the insider directly owned 363,755 shares in the company, valued at approximately $63,657,125. This trade represents a 7.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Lauren Elaina Friedman Stat sold 800 shares of the company's stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $139.61, for a total transaction of $111,688.00. Following the completion of the sale, the director directly owned 62,887 shares in the company, valued at $8,779,654.07. This trade represents a 1.26% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,515,632 shares of company stock valued at $196,472,623 in the last three months. 9.23% of the stock is owned by insiders.

Palantir Technologies Price Performance

Palantir Technologies stock traded up $2.66 during mid-day trading on Thursday, reaching $182.20. The company had a trading volume of 77,586,531 shares, compared to its average volume of 60,547,432. The stock's 50-day simple moving average is $144.43 and its 200-day simple moving average is $114.82. Palantir Technologies Inc. has a 1 year low of $26.69 and a 1 year high of $184.48. The company has a market capitalization of $429.98 billion, a P/E ratio of 607.35, a P/E/G ratio of 13.07 and a beta of 2.60.

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, topping analysts' consensus estimates 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 company's revenue was up 48.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.09 EPS. On average, equities analysts forecast that Palantir Technologies Inc. will post 0.31 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PLTR. Cantor Fitzgerald upped their price objective on shares of Palantir Technologies from $110.00 to $155.00 and gave the company a "neutral" rating in a research note on Tuesday. The Goldman Sachs Group boosted their price objective on Palantir Technologies from $90.00 to $141.00 and gave the company a "neutral" rating in a research note on Wednesday. Mizuho upgraded shares of Palantir Technologies from an "underperform" rating to a "neutral" rating and raised their target price for the stock from $116.00 to $135.00 in a research report on Wednesday, July 16th. Morgan Stanley set a $155.00 target price on shares of Palantir Technologies and gave the company an "equal weight" rating in a report on Tuesday. Finally, Bank of America increased their price target on shares of Palantir Technologies from $150.00 to $180.00 and gave the stock a "buy" rating in a research note on Tuesday. Two investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target 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.