Fifth Third Bancorp Sells 13,949 Shares of Palantir Technologies Inc. $PLTR

Key Points

• Fifth Third Bancorp reduced its Palantir stake by 2.9%, selling 13,949 shares in the second quarter while retaining 463,233 shares valued at approximately $54.0 million. Institutional investors and hedge funds collectively own 45.65% of PLTR.
• Palantir reported strong quarterly results, with revenue rising 92.8% year over year to $1.94 billion and EPS of $0.41, beating analyst expectations of $0.34. Several analysts raised price targets, contributing to a consensus “Moderate Buy” rating and a $192.19 target.
• Insider selling and elevated valuation remain risks: insiders sold 228,608 shares worth $30.8 million during the quarter, while PLTR traded at a PE ratio of 146.62. The stock opened at $171.54, below its 12-month high of $207.52.

Fifth Third Bancorp cut its holdings in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 2.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 463,233 shares of the company's stock after selling 13,949 shares during the period. Fifth Third Bancorp's holdings in Palantir Technologies were worth $54,045,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. North Dakota State Investment Board raised its position in Palantir Technologies by 0.9% in the 2nd quarter. North Dakota State Investment Board now owns 64,953 shares of the company's stock valued at $7,578,000 after purchasing an additional 581 shares during the last quarter. Aviso Wealth Management boosted its stake in Palantir Technologies by 57.2% in the second quarter. Aviso Wealth Management now owns 6,389 shares of the company's stock worth $745,000 after purchasing an additional 2,325 shares in the last quarter. VCI Wealth Management LLC grew its holdings in shares of Palantir Technologies by 37.7% during the second quarter. VCI Wealth Management LLC now owns 14,927 shares of the company's stock worth $1,742,000 after purchasing an additional 4,085 shares during the last quarter. Midwest Trust Co grew its holdings in shares of Palantir Technologies by 116.5% during the second quarter. Midwest Trust Co now owns 136,408 shares of the company's stock worth $15,915,000 after purchasing an additional 73,398 shares during the last quarter. Finally, Gallagher Capital Advisors LLC increased its stake in shares of Palantir Technologies by 47.3% in the second quarter. Gallagher Capital Advisors LLC now owns 12,050 shares of the company's stock valued at $1,406,000 after buying an additional 3,871 shares in the last quarter. 45.65% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Shyam Sankar sold 150,000 shares of the stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $130.00, for a total value of $19,500,000.00. Following the transaction, the insider directly owned 599,899 shares in the company, valued at $77,986,870. This represents a 20.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Lauren Elaina Friedman Stat sold 3,032 shares of the firm's stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $165.00, for a total transaction of $500,280.00. Following the completion of the transaction, the director directly owned 54,107 shares in the company, valued at approximately $8,927,655. The trade was a 5.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 228,608 shares of company stock valued at $30,810,313. 9.53% of the stock is currently owned by insiders.

Palantir Technologies Stock Down 0.6%

Shares of PLTR opened at $171.54 on Wednesday. The stock's fifty day simple moving average is $136.11 and its 200-day simple moving average is $140.11. The firm has a market capitalization of $412.22 billion, a PE ratio of 146.62, a price-to-earnings-growth ratio of 2.48 and a beta of 1.59. Palantir Technologies Inc. has a 12-month low of $106.37 and a 12-month high of $207.52.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last announced its quarterly earnings data on Monday, August 3rd. The company reported $0.41 EPS for the quarter, topping analysts' consensus estimates of $0.34 by $0.07. The firm had revenue of $1.94 billion during the quarter, compared to analyst estimates of $1.81 billion. Palantir Technologies had a return on equity of 30.57% and a net margin of 49.01%.The company's revenue was up 92.8% on a year-over-year basis. During the same period last year, the company earned $0.16 earnings per share. Analysts anticipate that Palantir Technologies Inc. will post 1.26 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Phillip Securities lifted their price target on Palantir Technologies from $190.00 to $202.00 in a report on Monday, May 11th. Mizuho raised their price objective on shares of Palantir Technologies from $185.00 to $215.00 and gave the company an "outperform" rating in a research report on Tuesday, August 4th. DA Davidson boosted their target price on shares of Palantir Technologies from $175.00 to $200.00 and gave the stock a "buy" rating in a research note on Tuesday, August 4th. Roth Capital initiated coverage on shares of Palantir Technologies in a research note on Tuesday, August 4th. They issued a "buy" rating for the company. Finally, Wolfe Research started coverage on shares of Palantir Technologies in a research report on Tuesday, August 4th. They set a "buy" rating on the stock. Two research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating, eleven have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $192.19.

Key Palantir Technologies News

Here are the key news stories impacting Palantir Technologies this week:

• Positive Sentiment: Palantir’s latest quarterly results remain the primary bullish catalyst. Revenue increased roughly 93% year over year to $1.94 billion, while earnings exceeded analyst expectations, reinforcing confidence in demand for its AI software platforms. Q2 Earnings Season Standout Performers: PLTR, MSFT
• Positive Sentiment: Several bullish commentaries argue that Pentagon AI spending and continued commercial expansion could support further gains. One valuation analysis estimates the shares may still be modestly undervalued if defense-related momentum persists, while other analysts have upgraded their outlook after the strong earnings report. Palantir Stock May Be 9% Undervalued on Pentagon AI Momentum
• Neutral Sentiment: Long-term articles focus on whether Palantir can become a trillion-dollar company. That outcome would require the company to sustain very high growth for years, expand its customer base, and convert AI enthusiasm into durable profits; these are possibilities rather than near-term catalysts. Is Palantir the Next Trillion-Dollar Stock?
• Negative Sentiment: Valuation is the key headwind. Palantir is trading at extremely elevated earnings and sales multiples, prompting comparisons with software stocks that later experienced sharp corrections after reaching similar levels. Higher Treasury yields also make expensive, long-duration growth stocks less attractive. Palantir Trades at 74x Sales
• Negative Sentiment: Investor Michael Burry has reportedly renewed bearish put positions, citing Palantir’s valuation and stock-based compensation. Although this does not change the company’s fundamentals, it adds visibility to the bear case and may encourage profit-taking after the stock’s strong run. Michael Burry Is Betting Against Palantir Again

Palantir Technologies Company Profile

Palantir Technologies is a software company that develops data integration, analytics and operational decision-making platforms for government and commercial customers. Founded in 2003 by a team that included Alex Karp and Peter Thiel, Palantir has grown into a provider of enterprise-scale software designed to help organizations integrate disparate data sources, build analytic models and drive operational workflows. The company went public in 2020 and continues to position its products around large, complex data projects where security, provenance and real-time collaboration are important.

Palantir's product portfolio centers on a small number of core platforms.

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 reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source