Harvest Fund Management Co. Ltd Decreases Stake in Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• Harvest Fund Management Co. Ltd reduced its stake in Palantir Technologies Inc. by 4.0%, now owning 235,366 shares worth approximately $19.86 million.
• Insiders at Palantir have sold a significant amount of shares recently, including Alexander C. Karp and Shyam Sankar, reducing their ownership by 5.29% and 36.56% respectively.
• Palantir Technologies reported earnings of $0.13 per share for the last quarter, matching analysts' expectations, and achieved a revenue increase of 39.4% compared to the previous year.

Harvest Fund Management Co. Ltd lowered its stake in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 4.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 235,366 shares of the company's stock after selling 9,709 shares during the period. Palantir Technologies accounts for 1.0% of Harvest Fund Management Co. Ltd's holdings, making the stock its 16th biggest position. Harvest Fund Management Co. Ltd's holdings in Palantir Technologies were worth $19,860,000 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 made changes to their positions in PLTR. Revolve Wealth Partners LLC acquired a new stake in shares of Palantir Technologies in the fourth quarter worth $450,000. Blair William & Co. IL increased its stake in shares of Palantir Technologies by 14.9% in the fourth quarter. Blair William & Co. IL now owns 71,429 shares of the company's stock worth $5,402,000 after acquiring an additional 9,255 shares during the period. Brown Brothers Harriman & Co. increased its stake in shares of Palantir Technologies by 19.0% in the fourth quarter. Brown Brothers Harriman & Co. now owns 8,181 shares of the company's stock worth $619,000 after acquiring an additional 1,306 shares during the period. Allianz SE acquired a new stake in shares of Palantir Technologies in the fourth quarter worth $486,000. Finally, Summit Securities Group LLC acquired a new stake in shares of Palantir Technologies in the fourth quarter worth $34,000. Institutional investors and hedge funds own 45.65% of the company's stock.

Insider Activity at Palantir Technologies

In other Palantir Technologies news, insider Alexander C. Karp sold 358,982 shares of the stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $126.39, for a total value of $45,371,734.98. Following the completion of the transaction, the insider directly owned 6,432,258 shares of the company's stock, valued at approximately $812,973,088.62. This trade represents a 5.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Shyam Sankar sold 405,000 shares of the business's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $132.08, for a total value of $53,492,400.00. Following the sale, the insider owned 702,786 shares in the company, valued at approximately $92,823,974.88. The trade was a 36.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,485,632 shares of company stock worth $191,222,623 in the last 90 days. Corporate insiders own 9.23% of the company's stock.

Analyst Upgrades and Downgrades

PLTR has been the topic of several recent analyst reports. Piper Sandler started coverage on shares of Palantir Technologies in a research note on Friday. They set an "overweight" rating and a $170.00 target price on the stock. Daiwa Capital Markets started coverage on shares of Palantir Technologies in a research report on Tuesday, April 1st. They issued a "neutral" rating and a $90.00 target price on the stock. DA Davidson lifted their target price on shares of Palantir Technologies from $100.00 to $115.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. Deutsche Bank Aktiengesellschaft reiterated a "sell" rating on shares of Palantir Technologies in a research report on Tuesday, May 6th. Finally, Morgan Stanley lifted their target price on shares of Palantir Technologies from $90.00 to $98.00 and gave the company an "equal weight" rating in a research report on Tuesday, May 6th. Four equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Palantir Technologies presently has an average rating of "Hold" and an average target price of $95.30.

Palantir Technologies Stock Performance

Shares of PLTR stock opened at $157.88 on Tuesday. Palantir Technologies Inc. has a fifty-two week low of $21.23 and a fifty-two week high of $160.39. The stock has a market capitalization of $372.58 billion, a P/E ratio of 686.43, a price-to-earnings-growth ratio of 13.54 and a beta of 2.59. The company has a 50 day moving average price of $137.66 and a 200 day moving average price of $110.05.

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

Palantir Technologies 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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