Monetta Financial Services Inc. Cuts Stake in Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• Monetta Financial Services Inc. has reduced its holdings in Palantir Technologies by 17.3%, now owning 43,000 shares valued at approximately $3.6 million.
• Palantir reported a 48% year-over-year revenue increase of $1 billion for the last quarter, surpassing analysts' expectations.
• Insider trading activity saw significant sales, with insider Shyam Sankar selling 405,000 shares for over $53 million, indicating potential changes in insider sentiment.

Monetta Financial Services Inc. trimmed its holdings in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 17.3% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 43,000 shares of the company's stock after selling 9,000 shares during the quarter. Palantir Technologies accounts for about 3.2% of Monetta Financial Services Inc.'s holdings, making the stock its 11th biggest holding. Monetta Financial Services Inc.'s holdings in Palantir Technologies were worth $3,629,000 at the end of the most recent quarter.

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

Insider Transactions at Palantir Technologies

In other news, Director Eric H. Woersching sold 10,214 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $130.95, for a total value of $1,337,523.30. Following the sale, the director directly owned 2,348 shares of the company's stock, valued at $307,470.60. This represents a 81.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lauren Elaina Friedman Stat sold 800 shares of the company's stock in a transaction dated Wednesday, July 9th. The stock was 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 represents a 1.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,515,632 shares of company stock worth $196,472,623. 9.23% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. The Goldman Sachs Group upped their price target on shares of Palantir Technologies from $90.00 to $141.00 and gave the company a "neutral" rating in a report on Wednesday. Cantor Fitzgerald upped their price target on shares of Palantir Technologies from $110.00 to $155.00 and gave the company a "neutral" rating in a report on Tuesday. Morgan Stanley set a $155.00 price target on shares of Palantir Technologies and gave the company an "equal weight" rating in a report on Tuesday. Loop Capital reiterated a "buy" rating and set a $180.00 price target (up from $178.00) on shares of Palantir Technologies in a report on Tuesday. Finally, Wedbush set a $200.00 price target on shares of Palantir Technologies and gave the company an "outperform" rating in a report on Tuesday. Two investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $136.61.

Palantir Technologies Stock Up 2.6%

Shares of NASDAQ:PLTR traded up $4.76 during midday trading on Friday, reaching $186.96. The company's stock had a trading volume of 62,386,781 shares, compared to its average volume of 61,219,692. The firm has a 50 day moving average of $144.43 and a 200-day moving average of $114.82. The firm has a market capitalization of $441.21 billion, a P/E ratio of 828.18, a PEG ratio of 11.57 and a beta of 2.60. Palantir Technologies Inc. has a 12-month low of $29.10 and a 12-month high of $187.99.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last released its 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 firm had revenue of $1 billion for the quarter, compared to the consensus estimate of $939.29 million. Palantir Technologies had a net margin of 22.18% and a return on equity of 10.75%. The company's revenue was up 48.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.09 EPS. On average, research analysts predict that Palantir Technologies Inc. will post 0.31 EPS for the current year.

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.