Palantir Technologies Inc. $PLTR Stake Lessened by Elite Wealth Management Inc.

Key Points

• Elite Wealth Management Inc. significantly reduced its stake in Palantir Technologies by 66.3%, decreasing its ownership from 78,826 shares to 26,533 shares during the second quarter.
• Multiple institutional investors, including Signature Resources Capital Management and Family Legacy Financial Solutions, have made new investments in Palantir Technologies, reflecting a growing interest in the company.
• Palantir Technologies reported a 48% increase in quarterly revenue compared to the previous year and exceeded analysts' earnings estimates, indicating positive financial performance.

Elite Wealth Management Inc. reduced its position in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 66.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,533 shares of the company's stock after selling 52,293 shares during the period. Palantir Technologies makes up about 1.2% of Elite Wealth Management Inc.'s investment portfolio, making the stock its 10th biggest position. Elite Wealth Management Inc.'s holdings in Palantir Technologies were worth $3,617,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Signature Resources Capital Management LLC purchased a new position in shares of Palantir Technologies in the 2nd quarter worth $25,000. Family Legacy Financial Solutions LLC purchased a new position in shares of Palantir Technologies in the 2nd quarter worth $31,000. Adirondack Trust Co. boosted its stake in shares of Palantir Technologies by 185.0% in the 2nd quarter. Adirondack Trust Co. now owns 285 shares of the company's stock worth $39,000 after buying an additional 185 shares during the last quarter. Mechanics Financial Corp purchased a new position in shares of Palantir Technologies in the 1st quarter worth $25,000. Finally, Park Place Capital Corp boosted its stake in shares of Palantir Technologies by 48.1% in the 2nd quarter. Park Place Capital Corp now owns 308 shares of the company's stock worth $40,000 after buying an additional 100 shares during the last quarter. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on PLTR shares. Morgan Stanley set a $155.00 price target on Palantir Technologies and gave the stock an "equal weight" rating in a research note on Tuesday, August 5th. Deutsche Bank Aktiengesellschaft upgraded Palantir Technologies from a "sell" rating to a "hold" rating and lifted their target price for the company from $80.00 to $160.00 in a research report on Tuesday, August 5th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Palantir Technologies in a research report on Wednesday. Wedbush set a $200.00 target price on Palantir Technologies and gave the company an "outperform" rating in a research report on Tuesday, August 5th. Finally, The Goldman Sachs Group lifted their target price on Palantir Technologies from $90.00 to $141.00 and gave the company a "neutral" rating in a research report on Wednesday, August 6th. Five analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Palantir Technologies has a consensus rating of "Hold" and a consensus target price of $140.22.

Insider Buying and Selling at Palantir Technologies

In other news, insider David A. Glazer sold 81,000 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $154.47, for a total transaction of $12,512,070.00. Following the sale, the insider directly owned 431,169 shares of the company's stock, valued at $66,602,675.43. This represents a 15.82% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Stephen Andrew Cohen sold 191,720 shares of the company's stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $151.37, for a total value of $29,020,656.40. Following the sale, the insider directly owned 592 shares in the company, valued at $89,611.04. This trade represents a 99.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,591,085 shares of company stock worth $244,714,146 over the last three months. 9.23% of the stock is owned by company insiders.

Palantir Technologies Stock Up 1.0%

NASDAQ PLTR opened at $185.47 on Friday. The firm has a market cap of $440.00 billion, a price-to-earnings ratio of 618.25, a price-to-earnings-growth ratio of 9.95 and a beta of 2.60. The business has a 50-day moving average price of $170.89 and a 200-day moving average price of $139.18. Palantir Technologies Inc. has a twelve month low of $40.36 and a twelve month high of $190.00.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last released its quarterly earnings data 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 during the quarter, compared to analyst estimates of $939.29 million. Palantir Technologies had a return on equity of 10.75% and a net margin of 22.18%.The business's quarterly revenue was up 48.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.09 earnings per share. Palantir Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. Research analysts expect that Palantir Technologies Inc. will post 0.31 EPS for the current fiscal 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.

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