Rathbones Group PLC Sells 77,585 Shares of Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• Rathbones Group PLC reduced its stake in Palantir Technologies by 61.1% during the first quarter, owning 49,475 shares valued at approximately $4.18 million after selling 77,585 shares.
• Palantir Technologies reported earnings per share (EPS) of $0.16 for the latest quarter, surpassing the consensus estimate of $0.14, with revenue growth of 48.0% year-over-year.
• Analysts maintain a consensus "Hold" rating on Palantir shares, with a consensus price target of $136.61 despite varied ratings from brokerages.

Rathbones Group PLC lowered its holdings in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 61.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 49,475 shares of the company's stock after selling 77,585 shares during the quarter. Rathbones Group PLC's holdings in Palantir Technologies were worth $4,176,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Mechanics Financial Corp bought a new stake in Palantir Technologies in the first quarter valued at about $25,000. Cornerstone Planning Group LLC increased its position in shares of Palantir Technologies by 90.2% during the 1st quarter. Cornerstone Planning Group LLC now owns 390 shares of the company's stock worth $33,000 after purchasing an additional 185 shares in the last quarter. Richardson Capital Management LLC acquired a new stake in shares of Palantir Technologies during the 1st quarter worth about $33,000. Atlantic Edge Private Wealth Management LLC boosted its position 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 buying an additional 125 shares in the last quarter. Finally, CBIZ Investment Advisory Services LLC grew its stake in Palantir Technologies by 118.5% during the first quarter. CBIZ Investment Advisory Services LLC now owns 413 shares of the company's stock worth $35,000 after buying an additional 224 shares during the last quarter. Institutional investors own 45.65% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Wall Street Zen raised shares of Palantir Technologies from a "hold" rating to a "buy" rating in a research note on Saturday. Deutsche Bank Aktiengesellschaft raised shares of Palantir Technologies from a "sell" rating to a "hold" rating and upped their price objective for the stock from $80.00 to $160.00 in a research note on Tuesday, August 5th. Royal Bank Of Canada upped their price objective on shares of Palantir Technologies from $40.00 to $45.00 and gave the stock an "underperform" rating in a research note on Tuesday, August 5th. Citigroup reaffirmed a "neutral" rating and set a $177.00 price objective (up from $158.00) on shares of Palantir Technologies in a research note on Tuesday, August 5th. Finally, Wedbush set a $200.00 price objective on shares of Palantir Technologies and gave the stock an "outperform" rating in a research note on Tuesday, August 5th. Two research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Palantir Technologies currently has an average rating of "Hold" and a consensus price target of $136.61.

Palantir Technologies Stock Performance

PLTR traded down $2.60 during midday trading on Wednesday, hitting $184.37. The company had a trading volume of 53,416,270 shares, compared to its average volume of 60,256,280. The company has a market capitalization of $435.10 billion, a PE ratio of 614.59, a P/E/G ratio of 10.54 and a beta of 2.60. Palantir Technologies Inc. has a twelve month low of $29.31 and a twelve month high of $190.00. The firm's 50-day simple moving average is $148.82 and its 200-day simple moving average is $117.81.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last issued its earnings results on Monday, August 4th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.02. The company had revenue of $1 billion for the quarter, compared to analyst estimates 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 for the quarter was up 48.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.09 EPS. As a group, sell-side analysts anticipate that Palantir Technologies Inc. will post 0.31 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Alexander C. Karp sold 358,982 shares of the firm's 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 transaction, the insider 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Ryan D. Taylor sold 35,480 shares of the firm's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $126.39, for a total transaction of $4,484,317.20. Following the completion of the transaction, the insider directly owned 367,691 shares in the company, valued at $46,472,465.49. This trade represents a 8.80% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,515,632 shares of company stock worth $196,472,623. 9.23% of the stock is currently owned by company insiders.

About Palantir Technologies

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.