Palantir Technologies Inc. $PLTR Holdings Decreased by Nova Wealth Management Inc.

Key Points

• Nova Wealth Management Inc. reduced its holdings in Palantir Technologies by 12.4% during the second quarter, owning 10,689 shares valued at approximately $1.45 million.
• Insiders at Palantir Technologies have sold significant shares recently, with one insider selling over $5.7 million worth of stock on September 5th, leading to a 10.49% decrease in their position.
• Palantir reported a 48% increase in revenue year-over-year for the recent quarter, significantly surpassing analyst expectations with a revenue of $1 billion.

Nova Wealth Management Inc. decreased its holdings in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 12.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,689 shares of the company's stock after selling 1,517 shares during the quarter. Palantir Technologies accounts for approximately 1.1% of Nova Wealth Management Inc.'s holdings, making the stock its 21st biggest position. Nova Wealth Management Inc.'s holdings in Palantir Technologies were worth $1,457,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of PLTR. Mechanics Financial Corp purchased a new position in Palantir Technologies in the first quarter valued at about $25,000. Wealth Preservation Advisors LLC purchased a new position in Palantir Technologies in the first quarter valued at about $27,000. 1248 Management LLC purchased a new position in Palantir Technologies in the first quarter valued at about $27,000. Richardson Capital Management LLC purchased a new position in Palantir Technologies in the first quarter valued at about $33,000. Finally, Cornerstone Planning Group LLC grew its stake in Palantir Technologies by 90.2% in the first quarter. Cornerstone Planning Group LLC now owns 390 shares of the company's stock valued at $33,000 after purchasing an additional 185 shares in the last quarter. Hedge funds and other institutional investors own 45.65% of the company's stock.

Insider Activity

In related news, insider Ryan D. Taylor sold 36,048 shares of the stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $158.35, for a total transaction of $5,708,200.80. Following the completion of the sale, the insider owned 307,470 shares in the company, valued at $48,687,874.50. This represents a 10.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jeffrey Buckley sold 2,803 shares of the stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $157.00, for a total value of $440,071.00. Following the sale, the insider owned 50,961 shares of the company's stock, valued at approximately $8,000,877. The trade was a 5.21% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,604,634 shares of company stock worth $245,441,454 over the last 90 days. Company insiders own 9.23% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PLTR. Piper Sandler set a $182.00 target price on Palantir Technologies in a research note on Tuesday, August 5th. DA Davidson set a $170.00 target price on Palantir Technologies and gave the company a "neutral" rating in a research note on Tuesday, August 5th. Loop Capital boosted their target price on Palantir Technologies from $178.00 to $180.00 and gave the company a "buy" rating in a research note on Tuesday, August 5th. Royal Bank Of Canada boosted their price target on Palantir Technologies from $40.00 to $45.00 and gave the stock an "underperform" rating in a research report on Tuesday, August 5th. Finally, Cantor Fitzgerald boosted their price target on Palantir Technologies from $110.00 to $155.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 5th. Four investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $136.61.

Palantir Technologies Price Performance

Shares of NASDAQ:PLTR opened at $171.43 on Friday. Palantir Technologies Inc. has a fifty-two week low of $34.89 and a fifty-two week high of $190.00. The business has a 50-day moving average of $160.07 and a two-hundred day moving average of $127.13. The stock has a market capitalization of $406.69 billion, a P/E ratio of 571.45, a P/E/G ratio of 9.26 and a beta of 2.59.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.02. Palantir Technologies had a return on equity of 10.75% and a net margin of 22.18%.The firm had revenue of $1 billion during the quarter, compared to the consensus estimate of $939.29 million. During the same quarter in the prior year, the company earned $0.09 EPS. The firm's revenue for the quarter was up 48.0% compared to the same quarter last year. Palantir Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. As a group, research analysts expect that Palantir Technologies Inc. will post 0.31 EPS for the current fiscal year.

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.

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