Palantir Technologies Inc. $PLTR Stock Holdings Lowered by Wedbush Securities Inc.

Key Points

• Wedbush Securities reduced its Palantir stake by 14% in the third quarter, selling 26,101 shares and retaining 160,135 shares valued at approximately $30 million. Institutional investors own 45.65% of the company.
• Palantir reported strong quarterly results, with earnings of $0.41 per share versus estimates of $0.34 and revenue of $1.94 billion, up 92.8% year over year. Shares recently traded at $196.75, while the stock’s elevated valuation included a price-to-earnings ratio of 168.16.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $203.48; however, upcoming earnings and forward guidance are key catalysts, and the stock’s high valuation leaves it vulnerable to a pullback if growth slows.

Wedbush Securities Inc. cut its holdings in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 14.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 160,135 shares of the company's stock after selling 26,101 shares during the quarter. Palantir Technologies makes up about 0.7% of Wedbush Securities Inc.'s holdings, making the stock its 17th biggest holding. Wedbush Securities Inc.'s holdings in Palantir Technologies were worth $29,953,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fifth Third Wealth Advisors LLC lifted its holdings in shares of Palantir Technologies by 0.5% during the third quarter. Fifth Third Wealth Advisors LLC now owns 85,927 shares of the company's stock valued at $16,073,000 after purchasing an additional 411 shares during the last quarter. Kennebec Savings Bank grew its stake in shares of Palantir Technologies by 9.9% in the 3rd quarter. Kennebec Savings Bank now owns 2,328 shares of the company's stock worth $435,000 after buying an additional 209 shares during the last quarter. TSA Wealth Managment LLC purchased a new stake in shares of Palantir Technologies in the 3rd quarter worth approximately $365,000. Atlatl Advisers LLC grew its stake in shares of Palantir Technologies by 0.4% in the 3rd quarter. Atlatl Advisers LLC now owns 13,174 shares of the company's stock worth $2,464,000 after buying an additional 53 shares during the last quarter. Finally, WASHINGTON TRUST Co purchased a new stake in shares of Palantir Technologies in the 3rd quarter worth approximately $630,000. 45.65% of the stock is owned by hedge funds and other institutional investors.

Palantir Technologies Stock Performance

Shares of PLTR traded up $0.56 on Friday, hitting $196.75. 17,611,821 shares of the stock traded hands, compared to its average volume of 22,197,718. The company has a market capitalization of $472.80 billion, a PE ratio of 168.16, a P/E/G ratio of 3.45 and a beta of 1.60. The business has a 50 day simple moving average of $184.76 and a 200 day simple moving average of $153.78. Palantir Technologies Inc. has a one year low of $106.37 and a one year high of $212.94.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last announced its quarterly earnings data on Monday, August 3rd. The company reported $0.41 earnings per share for the quarter, topping analysts' consensus estimates of $0.34 by $0.07. The company had revenue of $1.94 billion during the quarter, compared to analyst estimates of $1.81 billion. Palantir Technologies had a net margin of 49.01% and a return on equity of 30.57%. The firm's revenue for the quarter was up 92.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.16 EPS. On average, equities analysts expect that Palantir Technologies Inc. will post 1.31 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have issued reports on PLTR. William Blair reiterated an "outperform" rating on shares of Palantir Technologies in a research note on Wednesday, August 26th. Northland Securities set a $200.00 target price on Palantir Technologies in a report on Tuesday, August 4th. Piper Sandler increased their target price on Palantir Technologies from $230.00 to $231.00 and gave the stock an "overweight" rating in a research note on Friday. Benchmark restated a "hold" rating on shares of Palantir Technologies in a report on Tuesday, August 4th. Finally, Citigroup lifted their price target on Palantir Technologies from $245.00 to $250.00 and gave the stock a "buy" rating in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, twenty-six have given a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Palantir Technologies has a consensus rating of "Moderate Buy" and a consensus target price of $203.48.

More Palantir Technologies News

Here are the key news stories impacting Palantir Technologies this week:

• Positive Sentiment: Investors expect Palantir to outperform its third-quarter revenue guidance of approximately $2.16 billion, based on the company’s recent history of exceeding forecasts. A stronger result or raised outlook could support the stock’s rally. Palantir Guided for $2.16 Billion in Revenue for Q3
• Positive Sentiment: Analyst Dan Ives said Palantir and Snowflake are approaching the point where significant AI infrastructure spending translates into software monetization, and he believes Wall Street may be underestimating technology earnings potential. Dan Ives on AI Monetization
• Positive Sentiment: Citi raised its Palantir price target from $245 to $250 while maintaining a Buy rating, adding to bullish expectations ahead of the earnings release. Citi Raises Palantir Stock Price Target
• Positive Sentiment: Palantir is expanding its commercial and government reach through partnerships with Stagwell and Knox Systems, while elevating Aplos Data within its partner network to help deploy Foundry and AIP to additional customers. Palantir and Stagwell Expand AI Partnership
• Neutral Sentiment: The November 2 earnings report is the immediate catalyst. Investors will watch revenue growth, commercial customer momentum, margins and forward guidance to determine whether Palantir can justify its near-record valuation. Should You Buy or Sell Palantir Ahead of Earnings?
• Negative Sentiment: Palantir trades at a very elevated earnings multiple, and some analysts see limited additional upside. Any slowdown relative to expectations could prompt profit-taking or a sharp pullback. Palantir: The Business Is Booming, But the Stock Has a Problem
• Negative Sentiment: ARK Invest trimmed its Palantir position, while concerns about the scalability and economics of forward-deployed AI add pressure to the bullish thesis. Cathie Wood Trims Palantir Shares

Insiders Place Their Bets

In other Palantir Technologies news, Director Lauren Friedman Stat sold 5,026 shares of Palantir Technologies stock in a transaction on Thursday, October 8th. The stock was sold at an average price of $199.00, for a total value of $1,000,174.00. Following the completion of the sale, the director owned 46,402 shares of the company's stock, valued at approximately $9,233,998. This trade represents a 9.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Alexander Karp sold 492,348 shares of the business's stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $174.79, for a total value of $86,057,506.92. Following the completion of the transaction, the insider owned 6,432,258 shares of the company's stock, valued at $1,124,294,375.82. This represents a 7.11% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 560,390 shares of company stock worth $97,909,177. 9.53% of the stock is owned by corporate insiders.

About Palantir Technologies

Palantir Technologies Inc develops software platforms that help government agencies and commercial organizations integrate, analyze and act on data. Its products are designed to support complex operations such as defense and intelligence, supply-chain management, manufacturing, healthcare and other data-intensive activities.

Palantir's principal platforms include Gotham, which is primarily used by government and defense customers; Foundry, which helps commercial and institutional users build data-driven workflows; Apollo, a platform for deploying and managing software across diverse environments; and the Artificial Intelligence Platform (AIP), which connects generative artificial intelligence capabilities with an organization's data and operational systems.

Founded in 2003, the company initially focused on software for government and national-security applications before expanding into commercial markets.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.