Palantir Technologies (NASDAQ:PLTR) Stock Price Up 2.4% - Here's Why

Key Points

• Palantir Technologies' stock rose 2.4% to $186.57 after trading as high as $187.99, with a significant trading volume decline of 72% compared to its average daily volume.
• Recent analyst ratings include a raised target price from Citigroup to $177.00 and notable upgrades from other firms, with consensus ratings indicating a "Hold" with a target price of $136.61.
• Palantir reported a quarterly net revenue increase of 48% year-over-year, with earnings per share of $0.16, exceeding analysts' expectations of $0.14.

Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report)'s share price rose 2.4% during trading on Friday . The stock traded as high as $187.99 and last traded at $186.57. Approximately 26,088,396 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 92,109,563 shares. The stock had previously closed at $182.20.

Analysts Set New Price Targets

PLTR has been the subject of several recent analyst reports. Citigroup reaffirmed a "neutral" rating and issued a $177.00 target price (up previously from $158.00) on shares of Palantir Technologies in a research report on Tuesday. Mizuho raised Palantir Technologies from an "underperform" rating to a "neutral" rating and lifted their price objective for the company from $116.00 to $135.00 in a research report on Wednesday, July 16th. DA Davidson set a $170.00 price objective on Palantir Technologies and gave the company a "neutral" rating in a research report on Tuesday. Deutsche Bank Aktiengesellschaft raised Palantir Technologies from a "sell" rating to a "hold" rating and lifted their price objective for the company from $80.00 to $160.00 in a research report on Tuesday. Finally, Bank of America lifted their price objective on Palantir Technologies from $150.00 to $180.00 and gave the company a "buy" rating in a research report on Tuesday. Two equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $136.61.

Palantir Technologies Stock Up 2.7%

The business's 50 day moving average is $144.43 and its 200-day moving average is $114.82. The firm has a market capitalization of $441.50 billion, a P/E ratio of 622.94, a PEG ratio of 13.07 and a beta of 2.60.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The company reported $0.16 EPS for the quarter, beating analysts' consensus estimates of $0.14 by $0.02. Palantir Technologies had a net margin of 22.18% and a return on equity of 10.75%. The business had revenue of $1 billion for the quarter, compared to analysts' expectations of $939.29 million. During the same quarter in the prior year, the firm posted $0.09 earnings per share. The business's quarterly revenue was up 48.0% compared to the same quarter last year. Research analysts forecast that Palantir Technologies Inc. will post 0.31 EPS for the current fiscal year.

Insider Transactions at Palantir Technologies

In other Palantir Technologies news, Director Lauren Elaina Friedman Stat sold 800 shares of the firm's stock in a transaction on Wednesday, July 9th. The shares were sold at an average price of $139.61, for a total value of $111,688.00. Following the completion of the transaction, the director directly owned 62,887 shares of the company's stock, valued at $8,779,654.07. This trade represents a 1.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider David A. Glazer sold 3,418 shares of the firm's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $125.97, for a total transaction of $430,565.46. Following the completion of the transaction, the insider directly owned 492,079 shares of the company's stock, valued at approximately $61,987,191.63. The trade was a 0.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,515,632 shares of company stock worth $196,472,623. Company insiders own 9.23% of the company's stock.

Institutional Trading of Palantir Technologies

Several hedge funds have recently added to or reduced their stakes in PLTR. Advisors Capital Management LLC increased its position in shares of Palantir Technologies by 334.5% in the second quarter. Advisors Capital Management LLC now owns 14,317 shares of the company's stock valued at $1,952,000 after acquiring an additional 11,022 shares during the period. L & S Advisors Inc purchased a new position in shares of Palantir Technologies during the second quarter valued at approximately $767,000. Ignite Planners LLC boosted its position in shares of Palantir Technologies by 0.4% in the 2nd quarter. Ignite Planners LLC now owns 15,364 shares of the company's stock worth $2,094,000 after purchasing an additional 68 shares in the last quarter. King Wealth Management Group boosted its position in shares of Palantir Technologies by 48.8% in the 2nd quarter. King Wealth Management Group now owns 40,456 shares of the company's stock worth $5,515,000 after purchasing an additional 13,274 shares in the last quarter. Finally, Banco Bilbao Vizcaya Argentaria S.A. boosted its position in shares of Palantir Technologies by 4.5% in the 2nd quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 452,066 shares of the company's stock worth $61,639,000 after purchasing an additional 19,484 shares in the last quarter. 45.65% of the stock is owned by institutional investors.

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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