Palantir Technologies Inc. $PLTR Shares Sold by Meridian Investment Counsel Inc.

Key Points

• Meridian Investment Counsel Inc. has reduced its holdings in Palantir Technologies by 10% in the second quarter, owning 49,632 shares valued at approximately $6.77 million.
• Insider sales were notable, with CEO Alexander C. Karp selling 222,878 shares worth over $33.7 million and insider Shyam Sankar selling 375,000 shares for about $56.7 million.
• Palantir reported Q2 earnings of $0.16 per share, surpassing estimates, with a revenue of $1 billion, marking a significant 48% increase year-over-year.

Meridian Investment Counsel Inc. trimmed its position in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 10.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 49,632 shares of the company's stock after selling 5,503 shares during the quarter. Palantir Technologies comprises approximately 1.8% of Meridian Investment Counsel Inc.'s holdings, making the stock its 7th largest position. Meridian Investment Counsel Inc.'s holdings in Palantir Technologies were worth $6,766,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of PLTR. Mechanics Financial Corp bought a new position in Palantir Technologies during the first quarter worth $25,000. Wealth Preservation Advisors LLC bought a new position in Palantir Technologies during the first quarter worth $27,000. 1248 Management LLC bought a new position in Palantir Technologies during the first quarter worth $27,000. Family Legacy Financial Solutions LLC bought a new position in Palantir Technologies during the second quarter worth $31,000. Finally, Richardson Capital Management LLC bought a new position in Palantir Technologies during the first quarter worth $33,000. 45.65% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Palantir Technologies

In related news, insider Alexander C. Karp sold 222,878 shares of the stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $151.37, for a total value of $33,737,042.86. Following the sale, the insider directly owned 6,432,258 shares in the company, valued at $973,650,893.46. This trade represents a 3.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Shyam Sankar sold 375,000 shares of the stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $151.20, for a total transaction of $56,700,000.00. Following the completion of the sale, the insider owned 702,786 shares in the company, valued at $106,261,243.20. This represents a 34.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,634,634 shares of company stock worth $250,524,804. Insiders own 9.23% of the company's stock.

Palantir Technologies Price Performance

Shares of Palantir Technologies stock opened at $177.57 on Friday. The company's fifty day moving average price is $166.16 and its two-hundred day moving average price is $133.28. Palantir Technologies Inc. has a 52-week low of $36.05 and a 52-week high of $190.00. The firm has a market capitalization of $421.26 billion, a PE ratio of 591.92, a price-to-earnings-growth ratio of 9.99 and a beta of 2.59.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last posted its earnings results on Monday, August 4th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.02. The business 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 firm's quarterly revenue was up 48.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.09 EPS. Palantir Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. Analysts predict that Palantir Technologies Inc. will post 0.31 earnings per share for the current fiscal year.

Analyst Ratings Changes

PLTR has been the topic of a number of research reports. Royal Bank Of Canada boosted their target price on shares of Palantir Technologies from $40.00 to $45.00 and gave the stock an "underperform" rating in a research report on Tuesday, August 5th. Morgan Stanley set a $155.00 target price on shares of Palantir Technologies and gave the stock an "equal weight" rating in a research report on Tuesday, August 5th. The Goldman Sachs Group boosted their target price on shares of Palantir Technologies from $90.00 to $141.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 6th. Bank of America boosted their target price on shares of Palantir Technologies from $180.00 to $215.00 and gave the stock a "buy" rating in a research 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, August 5th. Four research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $140.22.

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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