Fifth Third Bancorp Purchases 25,275 Shares of Palantir Technologies Inc. $PLTR

Key Points

• Fifth Third Bancorp increased its Palantir stake by 5.5% in the third quarter, buying 25,275 shares to hold 488,508 shares valued at about $91.4 million.
• Palantir insiders sold 523,716 shares worth roughly $92.2 million over the past 90 days. The reported individual sales were made under pre-arranged trading plans.
• Palantir beat quarterly earnings and revenue expectations, with revenue up 95.9% year over year. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $216.76.

Fifth Third Bancorp boosted its position in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 5.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 488,508 shares of the company's stock after acquiring an additional 25,275 shares during the period. Fifth Third Bancorp's holdings in Palantir Technologies were worth $91,375,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in PLTR. Signature Wealth Management Partners LLC raised its position in shares of Palantir Technologies by 1.0% during the third quarter. Signature Wealth Management Partners LLC now owns 5,140 shares of the company's stock worth $961,000 after purchasing an additional 51 shares during the period. Atlatl Advisers LLC grew its position in Palantir Technologies by 0.4% in the 3rd quarter. Atlatl Advisers LLC now owns 13,174 shares of the company's stock valued at $2,464,000 after purchasing an additional 53 shares during the period. Opinicus Capital Inc. grew its position in Palantir Technologies by 2.4% in the 3rd quarter. Opinicus Capital Inc. now owns 2,276 shares of the company's stock valued at $426,000 after purchasing an additional 53 shares during the period. Demars Financial Group LLC grew its position in Palantir Technologies by 2.7% in the 3rd quarter. Demars Financial Group LLC now owns 2,054 shares of the company's stock valued at $384,000 after purchasing an additional 54 shares during the period. Finally, PFS Partners LLC increased its stake in Palantir Technologies by 28.9% during the 3rd quarter. PFS Partners LLC now owns 250 shares of the company's stock valued at $47,000 after purchasing an additional 56 shares in the last quarter. Institutional investors and hedge funds own 45.65% of the company's stock.

Insider Transactions at Palantir Technologies

In related news, Director Lauren Friedman Stat sold 1,358 shares of the business's stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $186.29, for a total transaction of $252,981.82. Following the transaction, the director directly owned 45,044 shares in the company, valued at approximately $8,391,246.76. The trade was a 2.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jeffrey Buckley sold 1,250 shares of the company's stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $174.29, for a total transaction of $217,862.50. Following the completion of the sale, the insider directly owned 56,921 shares of the company's stock, valued at $9,920,761.09. The trade was a 2.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 523,716 shares of company stock worth $92,212,379. 9.53% of the stock is owned by insiders.

Key Stories Impacting Palantir Technologies

Here are a few of the latest stories about PLTR:

• Neutral Sentiment: CEO Alex Karp’s comments emphasizing the role of U.S. military support in Silicon Valley’s development reinforce Palantir’s government and defense positioning, but the article does not report a new contract or financial impact. Article: Palantir CEO Alex Karp Says Silicon Valley ‘Would Not Even Exist’ Without US Military Support
• Negative Sentiment: Valuation is another headwind: several reports argue that even rapid growth may not justify the stock’s high price, leaving little room for disappointment. Rising dilution is also cited as a concern. Article: Palantir Grew Revenue 96%. The Stock Fell 5%.
• Negative Sentiment: European defense contractor Helsing introduced its Clarity AI platform, which is being trialed by Germany’s military and designed around European sovereignty requirements. It could challenge Palantir for some defense AI business in Europe. Article: Palantir (PLTR) Faces A European Rival In Defense AI

Wall Street Analyst Weigh In

PLTR has been the topic of several research reports. UBS Group restated a "buy" rating on shares of Palantir Technologies in a report on Tuesday, November 3rd. Piper Sandler reiterated an "overweight" rating and set a $235.00 price objective (up from $231.00) on shares of Palantir Technologies in a report on Tuesday, November 3rd. Oppenheimer reissued an "outperform" rating and set a $235.00 target price (up from $200.00) on shares of Palantir Technologies in a research report on Thursday, October 29th. Northland Securities set a $200.00 target price on shares of Palantir Technologies in a report on Tuesday, August 4th. Finally, Needham & Company LLC set a $215.00 price target on shares of Palantir Technologies in a research report on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $216.76.

Palantir Technologies Trading Down 0.5%

Shares of Palantir Technologies stock opened at $171.58 on Friday. The company has a market capitalization of $412.32 billion, a P/E ratio of 119.99, a price-to-earnings-growth ratio of 3.48 and a beta of 1.65. The stock has a fifty day simple moving average of $185.08 and a 200 day simple moving average of $153.81. Palantir Technologies Inc. has a 12-month low of $106.37 and a 12-month high of $212.94.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last issued its quarterly earnings data on Monday, November 2nd. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.03. The business had revenue of $2.31 billion for the quarter, compared to analysts' expectations of $2.18 billion. Palantir Technologies had a return on equity of 30.49% and a net margin of 50.34%. The business's revenue was up 95.9% on a year-over-year basis. During the same period last year, the business earned $0.21 EPS. On average, analysts predict that Palantir Technologies Inc. will post 1.36 EPS for the current year.

About Palantir Technologies

Palantir Technologies is a software company that develops platforms for integrating, analyzing and using data to support operational decisions. Its products are designed to help organizations work with large, complex datasets while managing access and security. The company's platforms include Gotham, used primarily by government and intelligence customers; Foundry, designed for commercial and other organizations; Apollo, which supports the deployment and management of software; and Artificial Intelligence Platform (AIP), which helps organizations use artificial intelligence with their data and operations.

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