Palantir Technologies (NASDAQ:PLTR) Sets New 1-Year High - Should You 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 mid-day trading on Tuesday . The stock 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

Several research firms recently weighed in on PLTR. Wall Street Zen upgraded shares of Palantir Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Piper Sandler set a $182.00 price objective on shares of Palantir Technologies in a research report 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. Royal Bank Of Canada upped their price objective on Palantir Technologies from $40.00 to $45.00 and gave the stock an "underperform" rating in a report on Tuesday, August 5th. Finally, Morgan Stanley set a $155.00 target price on Palantir Technologies and gave the stock an "equal weight" rating in a research report on Tuesday, August 5th. Two analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Palantir Technologies currently has an average rating of "Hold" and an average price target of $136.61.

Palantir Technologies Trading Down 2.1%

The company's 50 day moving average is $151.03 and its 200-day moving average is $119.20. The company has a market capitalization of $418.11 billion, a P/E ratio of 590.59, a price-to-earnings-growth ratio of 10.20 and a beta of 2.60.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last released its earnings results on Monday, August 4th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 22.18% and a return on equity of 10.75%. The business's revenue was up 48.0% on a year-over-year basis. During the same period last year, the business earned $0.09 earnings per share. Analysts predict that Palantir Technologies Inc. will post 0.31 EPS for the current fiscal year.

Insider Transactions at Palantir Technologies

In other news, insider Shyam Sankar sold 405,000 shares of Palantir Technologies stock in a transaction dated Tuesday, June 10th. The stock was 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 of the company's stock, valued at $92,823,974.88. The trade was a 36.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ryan D. Taylor sold 30,000 shares of the stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $175.00, for a total transaction of $5,250,000.00. Following the sale, the insider directly owned 363,755 shares in the company, valued at $63,657,125. This trade represents a 7.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,515,632 shares of company stock valued at $196,472,623. 9.23% of the stock is currently owned by corporate insiders.

Institutional Trading of Palantir Technologies

Institutional investors have recently added to or reduced their stakes in the business. High Falls Advisors Inc bought a new stake in Palantir Technologies in the 2nd quarter worth about $521,000. Tower Research Capital LLC TRC grew its holdings in shares of Palantir Technologies by 174.8% in the second quarter. Tower Research Capital LLC TRC now owns 244,899 shares of the company's stock worth $33,385,000 after acquiring an additional 155,794 shares during the period. FFT Wealth Management LLC increased its position in Palantir Technologies by 20.1% during the second quarter. FFT Wealth Management LLC now owns 4,630 shares of the company's stock valued at $631,000 after acquiring an additional 775 shares during the last quarter. Resources Management Corp CT ADV grew its position in Palantir Technologies by 20.0% during the second quarter. Resources Management Corp CT ADV now owns 600 shares of the company's stock valued at $82,000 after buying an additional 100 shares during the period. Finally, Semmax Financial Advisors Inc. increased its holdings in Palantir Technologies by 32.5% during the second quarter. Semmax Financial Advisors Inc. now owns 485 shares of the company's stock valued at $66,000 after buying an additional 119 shares during the last quarter. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

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.