Palantir Technologies (NASDAQ:PLTR) Hits New 12-Month High - Time to Buy?

Key Points

• Palantir Technologies' stock reached a new 52-week high of $188.15 during trading, closing at $187.73 with significant trading volume of over 42 million shares.
• Despite reaching new highs, Wall Street analysts maintain a consensus rating of "Hold" for Palantir, with target prices varying from $40 to $182.
• The company reported strong earnings, exceeding expectations with a revenue increase of 48% year-over-year, achieving $1 billion for the quarter.

Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report)'s stock price reached a new 52-week high during trading on Tuesday . The company traded as high as $188.15 and last traded at $187.73, with a volume of 42549292 shares trading hands. The stock had previously closed at $182.68.

Wall Street Analysts Forecast Growth

PLTR has been the topic of a number of research analyst reports. Royal Bank Of Canada lifted their target price on Palantir Technologies from $40.00 to $45.00 and gave the company an "underperform" rating in a research report on Tuesday, August 5th. Wall Street Zen upgraded Palantir Technologies from a "hold" rating to a "buy" rating in a research report on Saturday. DA Davidson set a $170.00 price objective on Palantir Technologies and gave the company a "neutral" rating in a research note on Tuesday, August 5th. Morgan Stanley set a $155.00 price objective on Palantir Technologies and gave the company an "equal weight" rating in a research note on Tuesday, August 5th. Finally, Piper Sandler set a $182.00 price objective on Palantir Technologies in a research note on Tuesday, August 5th. Two investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $136.61.

Palantir Technologies Stock Performance

The stock has a market capitalization of $441.23 billion, a price-to-earnings ratio of 623.25, a PEG ratio of 10.54 and a beta of 2.60. The company has a 50 day moving average of $146.65 and a 200 day moving average of $116.86.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last released its earnings results on Monday, August 4th. The company reported $0.16 EPS for the quarter, topping 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 analysts' expectations of $939.29 million. During the same period in the previous year, the firm posted $0.09 EPS. Palantir Technologies's revenue for the quarter was up 48.0% on a year-over-year basis. As a group, research analysts expect that Palantir Technologies Inc. will post 0.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider David A. Glazer sold 30,812 shares of the stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $126.39, for a total value of $3,894,328.68. Following the transaction, the insider owned 495,497 shares in the company, valued at approximately $62,625,865.83. This represents a 5.85% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Shyam Sankar sold 405,000 shares of the stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $132.08, for a total value of $53,492,400.00. Following the completion of the transaction, the insider owned 702,786 shares in the company, valued at approximately $92,823,974.88. The trade was a 36.56% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,515,632 shares of company stock worth $196,472,623. 12.93% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Palantir Technologies

Several large investors have recently bought and sold shares of the stock. Accuvest Global Advisors boosted its holdings in shares of Palantir Technologies by 0.7% in the 2nd quarter. Accuvest Global Advisors now owns 9,035 shares of the company's stock valued at $1,232,000 after purchasing an additional 63 shares during the last quarter. Ignite Planners LLC boosted its holdings in shares of Palantir Technologies by 0.4% in the 2nd quarter. Ignite Planners LLC now owns 15,362 shares of the company's stock valued at $2,094,000 after purchasing an additional 66 shares during the last quarter. Christensen King & Associates Investment Services Inc. boosted its holdings in Palantir Technologies by 1.3% in the second quarter. Christensen King & Associates Investment Services Inc. now owns 5,477 shares of the company's stock valued at $747,000 after acquiring an additional 72 shares during the last quarter. McGlone Suttner Wealth Management Inc. boosted its holdings in Palantir Technologies by 1.0% in the second quarter. McGlone Suttner Wealth Management Inc. now owns 7,387 shares of the company's stock valued at $1,007,000 after acquiring an additional 73 shares during the last quarter. Finally, Boomfish Wealth Group LLC boosted its holdings in Palantir Technologies by 2.7% in the second quarter. Boomfish Wealth Group LLC now owns 2,779 shares of the company's stock valued at $379,000 after acquiring an additional 73 shares during the last quarter. Institutional investors and hedge funds own 45.65% of the company's stock.

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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